ebook Show Me How Depletion Intra-Spect Mining Co. acquired mineral rights for $63,750,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 22,500,000 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. $ Feedback - Check My Work Similar to the units-of-production method to depreciate a fixed asset, the depletion rate that is calculated stays constant no matter how much of the natural resource is extracted. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 Feedback Check My Work Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account. Feedback - Check My Work Incorrect