Cobbler Company acquired cobalt rights for $50,000,000. The cobalt deposit is estimated at 5,000,000 tons. During the current year, 2,000,000 tons were mined and sold. REQUIRED: (a) Determine the depletion rate. (b) Determine the amount of depletion expense for the current year. Journalize the adjusting entry to recognize the depletion expense. (c)