Alaska Mining Co. acquired mineral rights for $22,448,000. The mineral deposit is estimated at 140,300,000 tons. During the current year, 21,050,000 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 fa5e4af5103afee_1

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

	Accumulated DepletionCashDepletion ExpenseDepletion PayableMineral RightsRepairs and Maintenance Expense	- Select -
	Accumulated DepletionCashDepletion ExpenseDepletion PayableMineral RightsRepairs and Maintenance Expense		- Select -