Calculating Depletion, Depreciation, and Ending inventory Aerian Compary acquired land containing natural resources on january 1 that it planned to extract for 57 million. The amount allocated to the land is szco,000. surveys estinate that the recoverabl resources will total 5 million toos. The company paid an adititional 5520,000 for development of the mining land to prepare for the extraction of the resources. The company also incumed 5260.000 to install mining equipmenk with a useful life of 8 years. The equpment will not be uned for other projexts. The campany is obligated to restore the site after the extraction of resources. The present value of this coligation is 165.000. The company extracted 624,000 tons of natural resources during the year and 585,000 tors were solf during the year. Required a. Determine depletion for the natural resource during the year. Hint: Equipment cosk is accounted for sepurately and its depreolation is recorded as Depreoution Eapense. - Note: Use the depletion rate DXACTiY as shown above to calculate depletion below. Depletion during the years 5 Depreciation empense for the year 5