3 21 points eBook Hint References QS 8-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $3,220,000. It incurs additional costs of $901,600 to access the mine, which is estimated to hold 2,300,000 tons of ore. 245,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $460,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Prepare the entry to record the cost of the ore mine and year-end adjusting entry. View transaction list View journal entry worksheet No Transaction A 1 Ore mine Cash General Journal B 2 Depletion expense-Ore mine Accumulated depletion-Ore mine Debit Credit