On February 20, 2013, Genoa Mining Company Incurred Costs of $3,600,000

Essay

On February 20, 2013, Genoa Mining Company incurred costs of $3,600,000 to acquire and prepare to extract an estimated 4,000,000 tons of mineral deposits. In 2013, 450,000 tons of ore were mined. At the beginning of 2014, Genoa geologists estimated that 3,900,000 tons of ore still remained. In 2014, 700,000 tons of ore were mined.
Required:
Compute depletion for 2013 and 2014.