Rights to mine copper from a tract of land are purchased for \($1,200,000.\) It is estimated that there are 1,800,000 pounds of copper in the reservoir to be mined. The copper can be sold for \($3.30\) per pound, on average, although the cost to mine it is \($2.20\) per pound. If 300,000 pounds of copper are produced this year, determine the depletion allowance using (9.C)

a. cost depletion.

b. percentage depletion.