Recording Depletion Quavo Mining Co. acquired mineral rights for $23,740,000. The mineral deposit is estimated at 54,500,000 tons. During the current year, 9,537,500 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Do not round intermediate calculation and round your answer to nearest whole value. $ b. Illustrate the effects on the accounts and financial statements of the depletion expense. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Balance Sheet Assets Liabilities + Stockholders' Equity Accumulated depletion + No effect No effect + Retained earnings 0 0 Statement of Cash Flows Income Statement No effect 0 Depletion expense