Alaska Mining Co. acquired mineral rights for $19,950,000. The mineral deposit is estimated at 105,000,000 tons. During the current year, 15,750,000 tons were mined and sold.

a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. $fill in the blank 34ad9bff2fa4022_1

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b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

	Depletion Expense	fill in the blank f0e72701dfb904a_2
	Accumulated Depletion		fill in the blank f0e72701dfb904a_4