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.. (Credit account titles are automatically indented when 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.)

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