Whispering Winds Corp.purchased for $12.3850 million a mine that is estimated to have 49.54 million tons of ore and no salvage value. In the first year, 8.18 million tons of ore are extracted.

(a1)

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depletion cost per unit

$ ______ 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. If no entry is n Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Show how this mine is reported on the balance sheet at the end of the first year. FRANCEOUR MINING CO. Balance Sheet (Partial) $ SHOW LIST OF ACCOUNTS LINK TO TEXT