At the beginning of 2017, Oriole Company, a small private company, acquired a mine for $1,675,000. Of this amount, $150,000 was allocated to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists found that approximately 18 million units of ore appear to be in the mine. Oriole had $225,000 of development costs for this mine before any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the minerals have been removed was $50,000. During 2017, 3.5 million units of ore were extracted and 2.60 million of these units were sold. Your answer is correct. Calculate the depletion cost per unit for 2017. (Round answer to 3 decimal places, e.g. 52.750.) Depletion cost per unit Your answer is partially correct. Try again. Prepare the required journal entry, if any, for the total amount of depletion for 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Cost of Goods Sold 260000 Inventory umulated letio 350000 Your answer is correct. Prepare the required journal entry, if any, for the total amount that is charged as an expense for 2017 for the cost of minerals sold during 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Tast of Goods Sold 7260000 ) nvento 6000