Culver Mining Co. purchased for $ 9,973,600 a mine that is estimated to have 35,620,000 tons of ore and no salvage value. In the first year, 8,030,000 tons of ore are extracted.

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depletion cost per unit

$ per ton

Prepare the journal entry to record depletion for the first year. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Show how this mine is reported on the balance sheet at the end of the first year.

Culver Mining Co. Balance Sheet (Partial)
		$
AddLess:				$