Smaug Inc. has a productive gold mine. Smaug paid $10 million for the rights to extract the gold and another $4 million for equipment to extract the gold and transport it to the Earth's surface. Smaug starts the extraction operations on 1/1/2022. Smaug's rights to extract the gold expire in 20 years' time, which is also the estimated useful life of the equipment. Smaug's equipment has a salvage value of $1 million. Management has chosen to use the straight-line method to record depletion. Make the entries for the long-term assets' use to extract gold in 2022.