On July 1, 2021, Marin Exploration invests $1.28 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $120,000 when production at the mine has ended. During the last six months of 2021, 120,000 tonnes of ore are mined and sold. Marin has a December 31 fiscal year end.

On July 1, 2021, Marin Exploration invests $1.28 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $120,000 when production at the mine has ended. During the last six months of 2021, 120,000 tonnes of ore are mined and sold. Marin has a December 31 fiscal year end. for the amounts. Round per Record the 2021 depletion. (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 tonne to 2 decimal places, e.g. 5.27 and final answers to o decimal places, e.g. 5,276.) Debit Credit Date Account Titles and Explanation Dec. 31 (To record depletion.) Show how the mine and any related accounts are reported on the December 31, 2021, income statement. MARIN EXPLORATION Income Statement (Partial) Show how the mine and any related accounts are reported on the December 31, 2021, balance sheet. MARIN EXPLORATION Balance Sheet (Partial) Assets