CASE 2 A In March 2020, L&P Corp, a mining and construction company, purchased for $5,000,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted, it is expected that the land would be worth $200,000. A building and equipment costing $2,800,000 were constructed on the mine site before any extractions commenced, and they will be completely used up and have no residual value when the ore is exhausted. During March-December 2020, 750,000 tons of ore were mined, and 680,000 tons were sold Required: Compute the depletion raten Total cost of mineral resource Residual value Depletion base Depletion Rate per ton (4 marks) Prepare the necessary journal entry to record the depletion cost for 2020 Dec 31, 2020 (4 marks) Compute the total cost of inventory of ore mined at December 31, 2020 Total cost of inventory (1 mark) Iv. Compute the cost of goods sold (ore mined) at December 31, 2020. Cost of goods said (1 mark)