Depletion Down Deep Mining Co. acquired mineral rights for $72,000,000. The mineral deposit is estimated at 90,000,000 cars. During the current year, 23,400,000 tons were mined and sold 3. Determine the depletion rate. If required, round your answer to two decimal places per to b. Determine the amount of depletion expense for the current year. Joumalice the ting entry on December 3 to recognize the depletion expenses an amount box does not requirt an entry, trave it bank Dec 31