Nero Mines paid $432,000 for the right to extract ore from a 425,000-ton mineral deposit. In addition to the purchase price, Nero Mines also paid a $150 filing fee, a $2,700 license fee to the state of Utah, and $92,150 for a geologic survey of the property. Because the company purchased the rights to the minerals only, it expected the asset to have zero residual value when fully depleted. During the first year of production, Nero Mines removed 70,000 tons of ore, of which it sold 64,000 tons. Make journal entries to record
(a) Purchase of the mineral rights,
(b) Payment of fees and other costs,
(c) Depletion for first-year production, and
(d) Sales of ore. Round depletion per unit to the closest cent?