Depletion Entries Backwoods Mining Co. acquired mineral rights for $15,374,000. The mineral deposit is estimated at 119,800.000 ton. During the current year 12.050.000 ton were mind and sold Determine the amount of depletion expense for the current year Round the depletion rate to two decimal places. b. Journakre the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry leave it blank