Recording Depletion sold. subsequent calculations. Round your answer to the nearest dollar. activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank.\ Financial Statement Effects\ \\\\table[[Balance Sheet],[Assets,

=

,Liabilities,+,\\\\table[[Stockholders'],[Equity]]],[-,

=

,,+,]]\ Statement of Cash Flows\ Income Statement

Quavo Mining Co. acquired mineral rights for $20,120,000. The mineral deposit is estimated at 51,500,000 tons. During the current year, 5,150,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round intermediate calculations to two decimal places and use rounded amounts in subsequent calculations. Round your answer to the nearest dollar. b. Illustrate the effects on the accounts and financial statements of the depletion expense. Enter account decreases, cash outflows, and the income statement effects that decrease net income as negative amounts. However, for contra asset accounts, enter account increases as a negative value. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank