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Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimi

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Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimi paid $23,000,000 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: 48,000 tons Year 2: 90,000 tons Year 3: 130,000 tons Year 4: 140,000 tons Year 5: 160,000 tons Calculate the depletion expense for the next five years. Do not round Intermediate calculations Year 1 Year 2 S 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

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