Hidden Hollow Mining Co, acquired mineral rights for $100,000,000. The mineral depoet is estimated at 80,000,000 tons. During the current year, 24,000,000 tons were mined and sold: a. Determine the depietion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year: c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank: Dec, 31