Perez Company acquires an ore mine at a cost of $$1,540,000.$ It incurs additional costs of $$431,200$ to access the mine, which is estimated to hold $1,100,000$ tons of ore. $185,000$ tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $$220,000.$ 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.

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Depletion

General

Expense

Journal

Calculate the depletion expense from the information given.

Note: Round "Depletion per unit" to $3$ decimal places.