1. Underwood's Miners recently purchased the rights to a diamond mine. It is estimated that there are two million tons of ore within the mine. Underwood's paid $46,000,000 for the rights and expects to harvest the ore over the next fifteen years. The following is the expected extraction for the next five years. Year 1:50,000 tons | Year 2: 900,000 tons Year 3: 400,000 tons Year 4: 210,000 tons Year 5: 150,000 tons Calculate the depletion expense for the next five years and create the journal entry for year one. Year Per Ton Depletion Depreciation Expense Tons of Ore Year 1 50,000 Year 2 900,000 Year 3 400,000 Year 4 210,000 Year 5 150,000 Date Accounts and Explanation Debit Credit