Salter Mining Company purchased the Northern Tier Mine for $$21$ million cash. The mine was estimated to contain $2\mathrm{.}5$ million tons of

ore and to have a residual value of $$1$ million.

During the first year of mining operations at the Northern Tier Mine, $50,000$ tons of ore were mined, of which $40,000$ tons were sold.

a$.$ Prepare a journal entry to record depletion during the year.

b$.$ Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the

first year of operations.

Complete this question by entering your answers in the tabs below.

Prepare a journal entry to record depletion during the year. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field.$)$

Journal entry worksheet

$1$

Record the depletion on the Northern Tier Mine.

Note: Enter debits before credits.