PA6. 11.3 Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,100,000 for the rights and expects to harvest the ore over the next ten years. The following is the expected extraction for the next five years.

Year 1: 50,000 tons

Year 2: 90,000 tons

Year 3: 100,000 tons (130k)

Year 4: 110,000 tons (140k)

Year 5: 130,000 tons (160k)

Calculate the depletion expense for the next five years, and create the journal entry for year one.