Salter Mining Company purchased the Northern Tier Mine for $74 million cash. The mine was estimated to contain 3 16 milion tons of ore and to have a residual value of $11 million. During the first year of mining operations at the Northern Tier Mine, 60,000 tons of ore were mined, of which 16.000 tons were soid. 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 belance sheet after the first year of operations. Complete this question by entering your answers in the tabs below Required A Required B Prepare a journal entry to record depletion during the year, (Round vour intermediate caldulations to two decma placesif no entry is required for a transaction/event, select "No journal entry required" an the first account field.) View transaction Irst Journal entry worksheet 1 Record the depletion on the Northern Tier Mine Note: Enter debts betore credits Credit Debit Transaction General Journal View general journal Clear entry Record entry Required 3 of 4 Next rev Salter Mining Company purchased the Northern Tier Mine for $74 million cash.The mine was estimated to contoin 3.16 million tons of ore and to have a residual value of $11 million. During the first year of mining operations et the Northern Tier Mine, 60,000 tons of ore were mined, of which 16,000 tons were sold. a. Prepare a journal entry to record depletion during the year b. Show how the Northern Ter Mine, and its accumulated depletion, would appear in Salter Mining Company's belence sheet after the first year of operations. Complete this question by entering your answers in the tabs below, Required A Required 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. (Round your intermediate calculations to two decimal placos. Amounts to be deducted should be indicated by a minus sign.) Saiter Mining Company Balance Sheet (Partial) Property, plant & equipment Required A