Instructions Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000.000 tons. During the current year, 31,500,000 tons were mined and sold Required: A Determine the depletion rate B. Determine the amount of depletion experise for the current year Csownalee the aduating entry on December at the recognise the depletion expense. Pater to the Chart of Accounts for exact warding of account tides Starting Questions A. Determine the depletion rate. S per ton B. Determine the amount of depletion expense for the current year. S C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL DATE POST, REE DEBIT CREDIT DESCRIPTION Adjusting Entries 1 2 1