Depletion of Timber Instructions Chart Of Accounts First Question General Journal Instructions Oldman Development has purchased a 5,000-hectare tract of forested land in northern British Columbia. The tract contains about 1,780,000 pine trees that, when mature, can be used for utility poles. Bedford paid $1,539 per hectare for the timberland. The land will have a residual value of $115 per hectare when all the trees are harvested. During 2022, Oldman harvested 240,000 trees. Required: 1. Compute the depletion per tree. 2. Prepare the journal entry to record the harvesting of the trees for 2022. First Question 1. Compute the depletion per tree. Depletion Rate $ General Journal per tree 2. Prepare the journal entry to record the harvesting of the trees for December 31, 2022. General Journal Instructions 1 2 DATE ACCOUNT GENERAL JOURNAL PAGE 1 IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME