Wildhorse Mining Company purchased a mine for $70 million, which is estimated to have 250,000 tons of ore and a salvage value of $11 million. (a) In the first year, 60,000 tons of ore are extracted and sold. Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Modi- Debit Credit

Wildhorse Mining Company purchased a mine for $70 million, which is estimated to have 250,000 tons of ore and a salvage value of $11 million. (a) In the first year, 60,000 tons of ore are extracted and sold. Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts