Caldwell Mining Co$.$ acquired mineral rights for $$118,656,000.$ The mineral deposit is estimated at $494,400,000$ tons. During the current year, $36,739,000$ tons were mined and sold. Required: A$.$ Determine the depletion rate. B$.$ Determine the amount of depletion expense for the current year. C$.$ Journalize the adjusting entry on December $31$ to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.

A$.$ Determine the depletion rate. per ton

B$.$ Determine the amount of depletion expense for the current year.

C$.$ Journalize the adjusting entry on December $31$ to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.