Solare Company acquired mineral rights for $307,200,000. The diamond deposit is estimated at 19,200,000 tons. During the current year, 3,080,000 tons were mined and sold.

Question Content Area

a. Determine the depletion rate. $fill in the blank fe65e2031000f8d_1 per ton

b. Determine the amount of depletion expense for the current year. $fill in the blank fe65e2031000f8d_2

Question Content Area

c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

Dec. 31	Accumulated DepletionCashDepletion ExpenseDepreciation ExpenseMineral Rights	- Select -	- Select -
	Accumulated DepletionAccumulated DepreciationCashDepletion ExpenseDepreciation Expense	- Select -	- Select -