Sunland Mining purchased for 3,500,000 a mine that is estimated to have 35,000,000 tons of ore and no residual value. In the first year, 2,500,000 tons of ore are extracted. Calculate depletion cost per ton. (Round answer to 2 decimal places, eg. 0.50.) Depletion cost per ton Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Show how this mine is reported on the statement of financial position at the end of the first year. SUNLAND MINING Statement of Financial Position (Partial)