On january 1, whittle, inc. purchased timber rights for $2,000,000, which are expected to produce a total of 2,000,000 cords of wood over 4 years, after which it will be sold for $500,000. the cords of wood cut were 200,000 in the 1st year and 280,000 in the 2nd year. depletion for the 1st year equals ______.