Part 2. Calculate amortization and depletion for each transaction.

1. A gold garment production company acquired the rights to a mine for $ 520,000,000.At the mine, there are an estimated 150,000,000 tons of gold.The amount of 50,000 tons was sold in the year.

a.Calculate the depletion rate and the depletion expense for the year.

b.You must deliver the steps of how you got to the result.