Depletion entries

a$.$ Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $

b$.$ Journalize the adjusting entry on December $31$ to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

December $31$

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Similar to the journal entry to record depreciation, the journael ntry to record depletion affects a contra asset account