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Solare Company acquired mineral rights for $373,500,000. The diamond deposit is estimated at 24,900,000 tons. During the current year, 2,660,000 tons were mined and sold.

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Solare Company acquired mineral rights for $373,500,000. The diamond deposit is estimated at 24,900,000 tons. During the current year, 2,660,000 tons were mined and sold. a. Determine the depletion rate. perton b. Determine the amount of depiction expense for the current year. c. Soumalire the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, weavet blank Dec 31 88

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