QS 8-13 (Algo) Natural resources and depletion LO P3

QS 8-13 (Algo) Natural resources and depletion LO P3 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 th ore is removed is $220,000. Calculate the depletion expense from the information given. 1. \& 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. Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Record the cost of the ore mine in cash. Record the year-end adjusting entry for the depletion expense of ore mine