A parcel of land purchased by Clean Energy, Inc. is estimated to contain 15.25 million tons of anthracite coal. The purchase price was $10,850,000, startup costs were $3,411,000, and the residual value is $1,464,000. If 2,325,000 tons were produced during the year, find the annual depletion cost. (Round depletion cost per unit to the nearest cent)
- $1,437,850
- $2,476,143
- $2,318,644
- $1,953,000