alaska mining co. acquired mineral right for $14,721,000. the mineral deposit is estimated at 70,100,000 tons. during the current year, 10,500,000 tons were mined and sold.

a. determine the amount of depletion expense for the current year . round the depletion rate to two decimal places.

b. journalize the adjusting entry on december 31 to reconize the depeletion expense.