Depletion Entries

Alaska Mining Co$.$ acquired mineral rights for $$26,838,000.$ The mineral deposit is estimated at $149,100,000$ tons. During the current year, $22,350,000$ tons were mined and sold.

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

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b$.$ Journalize the adjusting entry on December $31$ to recognize the depletion expense.