Perez Company acquires an ore mine at a cost of $3,920,000 and incurs additional costs of $1,097,600 to access the mine. The mine 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 all the ore is removed is $560,000. 1. Calculate the depletion per unit expense from the information given. Round to two decimal points. 2. Prepare the journal entry to record the purchase of the mine. 3. Prepare the period end adjusting journal entry to record the depletion expense.