Depletion entries Alaska Mining Co. acquired mineral rights for $14,220,000. The mineral deposit is estimated at 79,000,000 tons. During the current year, 11,850,000 tons were mined and sold. 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. Date Account Debit Credit December 31