Depletion of Timber Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a residual value of $180 per acre when all the trees are harvested. During the year, Bedford harvested 143,200 trees. 1. Compute the depletion per tree. Round your answer to the nearest cent and use rounded value for following calculations. $ per tree Hide 2. Prepare the journal entry to record the harvesting of the trees for 2011. 2011, Dec. 31 Record depletion