Depletion entries Alaska Mining Co. acquired mineral rights for $18,848,000. The mineral deposit is estimated at 99,200,000 tons. During the current year, 14,900,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. x Feedback Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted b. Journalize the adjusting entry on December to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31 88 Feedback Check My Work Similar to the journal entry to record depreciation, the journal entrecard depletion affects a contra asset account