January 1, 2006, Company acquired a parcel of land for4,000,

January 1, 2006, Company acquired a parcel of land for4,000,000, from which they expect to extract 250,000 tons of ore over the next10 years. Afterwards, the land will be reclaimed at an estimated cost of500,000 and sold for estimated 250,000. In 2007 building was constructed on themine site for 580,000 with an estimated zero value when mining is completed.During 2006, 15 000 tons were mined and in 2005 19,000tons. Also at thebeginning of 2007 the amount of ore remaining was estimated at 200,000 tons.Prepare the depletion entry for 2006 and determine the totalamount of inventoriable costs to be recorded in 2007Depletion; depreciation; total