Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,900,000 for the rights and expects to harvest the ore over the next ten years. The following is the expected extraction for the next five years. Year 1: 55,000 tons Year 2: 86,000 tons Year 3: 140,000 tons Year 4: 150,000 tons Year 5: 170,000 tons Calculate the depletion expense for the next five years. Do not round intermediate calculations. Year 1 Year 2 Year 3 Year 4 Year 5 $ Prepare the journal entry for year one. If an amount box does not require an entry, leave it blank. Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,900,000 for the rights and expects to harvest the ore over the next ten years. The following is the expected extraction for the next five years. Year 1: 55,000 tons Year 2: 86,000 tons Year 3: 140,000 tons Year 4: 150,000 tons Year 5: 170,000 tons Calculate the depletion expense for the next five years. Do not round intermediate calculations. Year 1 Year 2 Year 3 Year 4 Year 5 $ Prepare the journal entry for year one. If an amount box does not require an entry, leave it blank.