Franceour Mining Co. purchased for $6,871,800 a mine that is estimated to have 52,860,000 tons of ore and no salvage value. In the first year, 8,940,000 tons of ore are extracted.

Brief Exercise 9-11 Franceour Mining Co. purchased for $6,871,800 a mine that is estimated to have 52,860,000 tons of ore and no salvage value. In the first year, 8,940,000 tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit e 1.162,200 per ton SHOW LIST OF ACCOUNTS record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, Prepare the journal entry select "No Entry" for the account titles and enter 0 for the amounts.) Debit Account Titles and Explanation Credit Depletion Expense SHOW LIST OF ACCOUNTS Show how this mine is reported on the balance sheet at the end the first year. FRANCEOUR MINING Co. Balance Sheet (Partial)