Olpe Mining Co. purchased for $7 million a mine that is estimated to have 35 million tons

Question:

Olpe Mining Co. purchased for $7 million a mine that is estimated to have 35 million tons of ore and no . In the first year, 6 million tons of ore are extracted and sold.
(a) Prepare the journal entry to record depletion expense for the first year.
(b) Show how this mine is reported on the at the end of the first year.

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