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The company purchased the rights to mine a diamond mine in the amount of $910,000,000. As diamonds are extracted from the mine the associated journal

The company purchased the rights to mine a diamond mine in the amount of $910,000,000. As diamonds are extracted from the mine the associated journal entry would include a:

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a debit to depreciation expense and a credit to accumulated depreciation

a debit to depletion expense and a credit to accumulated depletion

a debit to discount on diamond mining rights and a credit to diamond mining rights

a debit to amortization expense and a credit to accumulated amortization

a debit to amortization and a credit to diamond mining rights

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