NOWV2 Online tea Instructions Chart of Accounts First Questions General Journal Instructions Solare Company acquired mineral rights for $611,000,000. The diamond deposit is estimated at 47,000,000 tons. During the current year, 4,830,000 tons were mined and told. Required: a. Determine the depletion rate: b Determine the amount of depletion expense for the current year c. Journalize the adjusting entry to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles. First Questions General Journal Instrucbons Chart of Accounts Sa 14.930,000 tons wer Solare Company General Ledger ASSETS REVENUE 15 110 Cash 410 Sales 111 Petty Cash 610 Iriterest Revenue 112 Accounts Receivable EXPENSES 114 Interest Receivable 510 Cost of Goods Sold 520 Salaries Expense 115 Notes Receivable 116 Inventory 117 Supplies 119 Prepaid Insurance 521 Advertising Expense 120 Land 522 Supplies Expense 523 Delivery Expense 524 Rent Expense 121 Equipment 122 Accumulated Depreciation 130 Mineral Rights 131 Accumulated Depletion 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense-Patents 132 Goodwill 133 Patents Instructions Sc Chart of Accounts 121 Equipment 122 Accumulated Depreciation 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 524 Rent Expense 625 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense-Patents 591 Miscellaneous Expense 710 Interest Expense 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts First Questions General Journal First Questions mated at 47,000,000 a. Determine the depletion rate. Depletion rate S per ton b. Determine the amount of depletion expense for the current year. Chart of Accounts fa Depletion expense $