Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a residual value of $180 per acre when all the trees are harvested. During the year, Bedford harvested 145,900 trees.

Required:

1. Compute the depletion per tree. Round your answer to the nearest cent and use the rounded value for any following calculations. $fill in the blank 1106cffedfb6035_1 per tree

2. Prepare the journal entry to record the harvesting of the trees. If an amount box does not require an entry, leave it blank.

Dec. 31		fill in the blank 1e0fe3ff4faefdd_2	fill in the blank 1e0fe3ff4faefdd_3
		fill in the blank 1e0fe3ff4faefdd_5	fill in the blank 1e0fe3ff4faefdd_6