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Concord Corporation purchased for $6,871,800 a mine that is estimated to have 52,860,000 tons of ore and no salvage value. In the first year, 8,940,000 tons of ore are extracted Show how this mine is reported on the balance sheet at the end of the first year. Concord Corporation Balance Sheet (Partial) On July 1, 2022, Larkspur, Inc. invested $777,380 in a mine estimated to have 827,000 tons of ore of uniform grade. During the last 6 months of 2022, 100,000 tons of ore were mined. Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31