Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is estimated to hold 1,700,000 tons of ore. 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Answer is complete but not entirely correct. Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense $ 3,046,400 340,000 $ 1,950,000 1,700,000 1.147 X 215,000 $ 246,617 X 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. No Transaction Answer is complete but not entirely correct. General Journal Debit 3,046,400 Credit Ore mine Cash 3,046,400