Problem 11-6 Waterway Logging and Lumber Company owns 3,130 acres of timberland on the north side of Mount Leno, which was purchased in 2005 at a cost of $560 per acre. In 2017, Waterway began selectively logging this timber tract. In May 2017, Mount Leno erupted, burying the timberland of Waterway under a foot of ash. All of the timber on the Waterway tract was downed. In addition, the logging roads, built at a cost of $150,800, were destroyed, as well as the logging equipment, with a net book value of s280,600. At the time of the eruption, Waterway had logged 20% of the estimated 525 300 board feet of timber. Prior to the eruption, Waterway estimated the land to have a value of $180 per acre after the timber was harvested waterway includes the logging roads in the depletion base Waterway estimates it will take 3 years to salvage the downed timber at a cost of $699,200. The timber can be sold for pulp wood at an estimated price of $3 per board foot. The value of the land is unknown, but must be considered nominal due to future uncertaintles. Your answer is incorrect. Try again. Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno. (Round per unit answer to 2 decimal places, e.g. 0.45.) Depletion cost per board foot Your answer is partially correct. Try again. Prepare the journal entry to record the depletion prior to the eruption. (If no entry is required, select "No entry"for the account titles and enter 0 for the amounts. Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answer to 0 decimal places, e.g. 45,892. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Timber If this tract represents approximately half of the timber holdings of Waterway, determine the amount of the unusual loss due to the eruption of Mount Leno for the year ended December 31, 2017 Unusual loss due to the eruption of Mount Leno