The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company’s geologist estimated the deposit to contain 1,500,000 tons of iron ore. Extracting equipment with a 10-year service life and costing $450,000 was installed in the mine. At the end of the first year, 60,000 tons had been extracted. The end-of-year journal entry to record the amortization of the extracting equipment would:
