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Depletion Intra-Spect Mining Co. acquired mineral rights for $112,000,000. The mineral deposit is estimated at 70,000,000 tons. During the current year, 21,700,000 tons were mined

Depletion

Intra-Spect Mining Co. acquired mineral rights for $112,000,000. The mineral deposit is estimated at 70,000,000 tons. During the current year, 21,700,000 tons were mined and sold.

a. Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank 44f80509a005077_1 per ton

b. Determine the amount of depletion expense for the current year. $fill in the blank 44f80509a005077_2

c. Journalize the adjusting entry on December

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