Blue Spruce Corp. purchased for $5.8708million a mine that is estimated to have45.16million tons of ore and no salvage value. In the first year,10.18million 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.