Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places M / Similar to the units of production method to depreciate a fred asset, the depletion rate that is calculated Mays constant no matter how much of the natural resource is extracted Learning Objective 4. b. Journalize the adjusting entry on Decenter 31 to recognize the depletion expense. Dec 31 Dection Expense Accumulated Depletion Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account Learning Objective 4. Partially correct