Depletion Entries

Alaska Mining Co$.$ acquired mineral rights for $$17,832,000.$ The mineral deposit is estimated at $148,600,000$ tons. During the current year, $22,300,000$ 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.