Fortune Drilling Company acquires a mineral deposit at a cost of $$5,900,000.$ It incurs additional costs of $$600,000$ to access the deposit, which is estimated to contain $2,000,000$ tons and is expected to take $5$ years to extract. What journal entry would be needed to record the expense for the first year assuming $418,000$ tons were mined?

Select one:

a$.$ Debit Depletion Expense $$1,233,100$; credit Accumulated Depletion $$1,233,100.$

b$.$ Debit Amortization Expense $$1,358,500$; credit Accumulated Amortization $$1,358,500.$

c$.$ Debit Depreciation Expense $$1,358,500$; credit Accumulated Depreciation $$1,358,500.$

d$.$ Debit Depletion Expense $$1,358,500$; credit Accumulated Depletion $$1,358,500.$

e$.$ Debit Depreciation Expense $$1,233,100$; credit Accumulated Depreciation $$1,233,100.$