quavo mining Co. acquired mineral rights for 36,000,000. The mineral deposit is estimated at 80,000,000tons. during the current year 15000000 tons were mined and sold.

m/ilrn/take Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress... Recording Depletion Quavo Mining Co. acquired mineral rights for $36,000,000. The mineral deposit is estimated at 80,000,000 tons. During year, 15,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. 6,750 X b. Illustrate the effects on the accounts and financial statements of the depletion expense. For decreases in accounts of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" fron dropdown and leave the corresponding number entry box blank. Balance Sheet Stockholde Assets = Liabilities + Equity =