Depletion Entries Backwoods Mining Co acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year. 2.500.000 ton were mined and old a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. x Feed Check My Wort Similar to the units of production method to depreciate a foxed 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 31 to recognize the depletion expense. If an amount box does not require an entry, leave it bank Dec 31 Depletion Expense 7,000,000 Accumulated Depletion 7,000.00