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Depletion Rate Oxford Quarries purchased 45 acres of land for $185,000. The land contained stone that oxford will remove from the ground, then sell as facing material for buildings. oxford spent $435,000 preparing the quarry finish, and tons of usable stone and for operation. Oxford estimates that the quarry contains 55,000 will have a that it will require 6 years to remove all the usable stone once quarrying begins. Upon completion of qua oxford estimates that the land residual value of $11,150. During 2013, oxford extracted 8,500 tons of stone. Required: 1. Compute the depletion rate per ton. Round your answer to the nearest cent and use the rounded value for any following calculations per ton Hide 2. Prepare the journal entry to record the extraction of the stone. 2013 Dec. 31 Record depletion and Windows