Perez Company acquires an ore mine at a cost of $$2,660,000.$ It incurs additional costs of $$744,800$ to access the mine, which

estimated to hold $1,900,000$ tons of ore. $225,000$ tons of ore are mined and sold the first year. The estimated value of the land

the ore is removed is $$380,000.$ Calculate the depletion expense from the information given.

& $2.$ Prepare the entry to record the cost of the ore mine and year$-$end adjusting entry.

Complete this question by entering your answers in the tabs below.

Depletion

Expense

Calculate the depletion expense from the information given.

Note: Round $"$D$$pleti$$n p$$er unit" to $3$ decimal places.