Marigold Corporation acquired the right to mine a piece of land at a cost to lease of $$592,000.$ The related excavation costs were

$$986,000,$ while developmental costs were an additional $$7,897,000,$ all of which will contribute to Marigold extracting $25,000$

tonnes. In the first year of operations Marigold mined and sold $5,000$ tonnes, while in its second year the company extracted $6,500$

tonnes but only sold $6,000$ tonnes.

Prepare the journal entry to record depletion expense for the first two years. $($Credit account titles are automatically indented when the

amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all

debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit

Year $1$

Inventory

Accumulated Depletion

Year $2$

Inventory

Accumulated Depletion

List of Accounts