Pharoah Mining Company purchased a mine for $$80$ million, which is estimated to have $230,000$ tons of ore and a salvage value of $$11$ million.

$($a$)$

Your answer is partially correct.

In the first year, $53,000$ tons of ore are extracted and sold.

Prepare the journal entry to record depletion for the first year. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$