Salter Mining Company purchased the Northern Tier Mine for $$67$ million cash. The mine was estimated to contain $4\mathrm{.}37$ million tons of ore and to have a residual value of $$6$ million.

During the first year of mining operations at the Northern Tier Mine, $95,000$ tons of ore were mined, of which $18,000$ 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.