Quayle Mining Company purchased land containing an estimated 15 million tons of ore at a cost of $4,200,000. The land without the ore is estimated to be worth $600,000. The company expects to operate the mine for 12 years. Buildings costing $600,000 are erected on the site and are expected to last for 25 years. Equipment costing $300,000 with an estimated life of 15 years is installed. The buildings and the equipment possess no salvage value after the mine is closed. During the first year of operations, the mining company mined and sold 2 million tons of ore. Compute the depletion charge per ton. (Round answer to 2 decimal places, e.g. 52.75.) Depletion charge per ton $ e Textbook and Media List of Accounts Compute the depletion for the first year. Depletion for the first year $ Compute the appropriate first year's depreciation expense for the buildings. Depreciation expense for the buildings e Textbook and Media List of Accounts Compute the appropriate first year's depreciation expense for the equipment. Depreciation expense for the equipment $ Prepare journal entries to record depletion and depreciation expenses for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record depletion expense) (To record depreciation expenses)