Kahn Mining Company purchased a mine for $60 million, which is estimated to have 250,000 tons of ore and a salvage value of $10 million. Part 1 Your answer is partially correct. In the first year, 50,000 tons of ore are extracted and sold. Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Accumulated Depletion Debit 10000000 Credit 10000000