Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. 180,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $200,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Calculate the depletion expense from the information given. (Round "Depletion per unit" to two decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense Depletion Expense General Journal > Record the cost of the ore mine in cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit View general journal Record entry Clear entry