MetaPerez Company acquires an ore mine at a cost of $$3,920,000.$ It incurs additional costs of $$1,097,600$ to access the mine, which is estimated to hold $2,800,000$ tons of ore. $270,000$ tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $$560,000.$ Calculate the depletion expense from the information given.

$1.$ & $2.$ Prepare the entry to record the cost of the ore mine and year$-$end adjusting entry.