On January 1, 1990, Bayless Company paid \(\$ 162,000\) for an ore body containing 720,000 tons of ore. The company also installed machinery in the mine that cost \(\$ 144,000\), had an estimated 12 -year life and no salvage value, and that was capable of removing the entire ore body in 6 years. The machine will be abandoned when the ore is completely mined. Bayless began mining operations on May 1, and it mined 58,000 tons of ore during the remaining nine months of the year. Give the entries to record the December 31, 1990, depletion of the ore body and the depreciation of the mining machinery.