Solare Company acquired mineral rights for $370,500,000. The diamond deposit is estimated at 24,700,000 tons. During the current year, 2,200,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 88 Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,550. a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0