Depletion Entries

Backwoods Mining Co$.$ acquired mineral rights for $$11,556,000.$ The mineral deposit is estimated at $96,300,000$ tons. During the current year, $14,450,000$ tons were mined and sol

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.