. On January 3, 20X1, Jewels Inc. purchases a South American mine found to be rich in amethyst for $560,000. Once all the amethyst has been removed, the land is estimated to be worth only $100,000.
Experts predict that the mine contains 4,000 pounds of amethyst. Jewels plans on completing the extraction process in four years.
No amethyst was extracted during 20X1.
What would accumulated depletion be on 12/31/X1?