The Weber Company purchased a mining site for $500,000 on July 1, 2011. The company expects to mine ore for the next 10 years and anticipates that a…

The Weber Company purchased a mining site for $500,000 on July 1, 2011. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. The estimated residual value of the property is $80,000. During 2011 the company extracted 4,000 tons of ore. The depletion expense for 2011 is