eBook Show Me How Calculator Print item Depletion Hidden Hollow Mining Co. acquired mineral rights for $24,500,000. The mineral deposit is estimated at 35,000,000 tons. During the current year, 10,150,000 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. Similar to the units of production method to depreciate a fred asset the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted Leaming Objective 4 c. Joumalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31 Depletion Expense Acumulated Depletion Check My Work O e 10 QADA 11/12/2019