Depletion of Timber Oldman Development purchased a 5,000-acre tract of forested land in northern British Columbia. The tract contained about 1,500,000 pine trees that, when mature, can be used for utility poles. Oldman paid $900 per acre for the timberland. The land has a residual value of $180 per acre when all the trees are harvested. During 2018, Oldman harvested 143,300 trees. Required: 1. Compute the depletion per tree. Round your answer to the nearest cent and use the rounded value for any following calculations. $ per tree Feedback Check My Work 2. Prepare the journal entry to record the harvesting of the trees for 2018. 2018, Dec. 31 In Inventory Accumulated Depletion Record depletion