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Simi Miners recently purchased the nights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli

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Simi Miners recently purchased the nights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,900,000 for the righte ixpects to harvest the ore over the next ten years. The following is the expected extraction for the next five years. Year it 48,000 tons: Year 2: 95,000 tons Year 3: 110,000 tons Year 4:120,000 tons Year 5:140,000 tons Cakculate the depletion expense for the next five years. Do not round internediate calculations. Prepare the journal entry for year one. If an amount box does not require an entry, leave it blank

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