Underwoods Miners recently purchased the rights to a diamond mine. It is estimated that there

are two million tons of ore within the mine. Underwoods paid $ for the rights and expects to

harvest the ore over the next fifteen years. The following is the expected extraction for the next five years.

Year : tons

Year : tons

Year : tons

Year : tons

Year : tons

Calculate the depletion expense for the next five years and create the journal entry for year one.

use a chart