A company purchased mineral assets holding approximately 240,000 tons of ore for $960,000. The estimated residual value of the assets is zero. During the first year, 40,000 tons are extracted and sold. What is the amount of depletion for the first year?

a. $10,000

b. $160,000

c. $240,000

d. Cannot be determined from the data given

Select the best choice from among the possible answers given.