Depletion entries Alaska Mining Co. acquired mineral rights for $15,834,000. The mineral deposit is estimated at 113,100,000 tons, During the current year, 16,950,000 tons were mined and sold, a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. 1 Fendtack rowawrion. Similar to the units of-production method to depreclate a foxed asset, the depletion rate that is calculated stars constant no matter how much of the natural rescurce is extracted. b. Journalize the adjusting entry on December 31 to recognige the depletion expense. If an amount box does not require an entry, leave it blank