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Alaska Mining Co. acquired mineral rights for $10,222,000. The mineral deposit is estimated at 53,800,000...

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Accounting

Alaska Mining Co. acquired mineral rights for $10,222,000. The mineral deposit is estimated at 53,800,000 tons. During the current year, 8,050,000 tons were mined and sold.

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a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $________

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b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

_______

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