Depletion On January 2, 2016, Spring Company purchased land for $460,000, from which it is estimated that 350,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $75,000, after which it could be sold for $39,000. During 2016, Spring mined 74,000 tons and sold 45,000 ) tons. During 2017, Spring mined 100,000 tons and sold 102,000 tons. At the beginning of 2018, Spring spent an additional $90,000, which increased the reserves by 68,000 tons. In 2018, Spring mined 138,000 tons and sold 137,000 tons. Spring uses a FIFO cost flow assumption. Required: 1. Calculate the depletion included in the income statement and ending inventory for 2016, 2017, and 2018. Round the depletion rate to the nearest cent. If required, round the final answers to the nearest dollar. 2016 Depletion deducted from income Depletion included inventory 2017 Depletion deducted from income Depletion included in inventory 2018 Den deducted from comes Depletion included in inventory 2. Complete the natural resources section of the balance sheet on December 31, 2016, 2017, and 2018, assuming that an accumulated depletion account is used. Round the depletion rate per to the nearest cent. If required, round the final answers to the nearest dollar. Balance Sheet December 31, 2018 - 2018 December 31. 2018 Mineral resources Les Accumulated depletion December 2017 Less: Acounted depletion December 31, 2018