Salter Mining Company purchased the Northern Tier Mine for $14 million cash. The mine was estimated to contain 7.44 million tons of ore and to have a residual value of $1.6 million. During the first year of mining operations at the Northern Tier Mine, 50,000 tons of ore were mined, of which 18,000 tons were sold. a. Prepare a journal entry to record depletion during the year.