Depletion

Intra-Spect Mining Co. acquired mineral rights for $123,250,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 18,700,000 tons were mined and sold.

a. Determine the depletion rate. If required, round your answer to two decimal places. $_per ton

b. Determine the amount of depletion expense for the current year. $_

c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

Dec. 31	Accumulated Depletion, Accumulated Depreciation, Depletion Expense, Depreciation Expense, Cash, Mineral Deposit, pick one of the following
	Accumulated Depreciation, Accumulated Depletion, Cash, Depletion Expense, Depreciation Expense, Mineral Deposit, pick one of the following