Everly Corporation acquires a coal mine at a cost of $771,200. Intangible development costs total $192,800. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $154,240), after which it can be sold for $308,480. Everly estimates that 7,712 tons of coal can be extracted.

If 1,350 tons are extracted the first year, prepare the journal entry to record depletion.

Account Title & Explanation	Debit	Credit