Construction Material Suppliers Inc purchases farmland for $ 1,800,000 Additional amount needed to be invested to make the property mineable $ 5,200,000 The amount of limestone estimated to be mined from the land is 6,000,000 Tons The number of years the mine is expected to provide sales for the company 10 years The residual value of the land at the end of the mining is expected to be $ 280,000

The company mined limestone in 2021 of 550,000 Tons The company sold limestone in 2021 of 525,000 Tons The company sells the limestone as gravel for $ 5.00 per Ton a) Compute the depletion rate per ton. (round to penny)

b) Prepare the journal entry for the extraction of the limestone for 2021:

c) Prepare the journal entries for the sale of the limestone for 2021: (Note: be sure journal entries are in the proper format) (Be sure to show how you arrived at the amounts)