Blossom Company purchased for $7.3184million a mine that is estimated to have45.74million tons of ore and no salvage value. In the first year,7.05million tons of ore are extracted.

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depletion cost per unit $.......... per ton

Prepare the journal entry to record depletion for the first year

Show how this mine is reported on the balance sheet at the end of the first year.