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Blue Logging and Lumber Company owns 3,250 acres of timberland on the north side of Mount Leno, which was purchased in 2008 at a cost of $550 per acre. In 2020, Blue began selectively logging this timber tract. In May 2020, Mount Leno erupted, burying the timberland of Blue under a foot of ash. All of the timber on the Blue tract was downed. In addition, the logging roads, built at a cost of $144,900, were destroyed, as well as the logging equipment, with a net book value of $287,300. At the time of the eruption, Blue had logged 20% of the estimated 487,000 board feet of timber. Prior to the eruption, Blue estimated the land to have a value of $190 per acre after the timber was harvested. Blue includes the logging roads in the depletion base. Blue estimates it will take 3 years to salvage the downed timber at a cost of $654,900. The timber can be sold for pulp wood at an estimated price of $2 per board foot. The value of the land is unknown, but must be considered nominal due to future uncertainties.

Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno. (Round per unit answer to 2 decimal places, e.g. 0.45.)

Depletion cost per board foot

$

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List of Accounts

Prepare the journal entry to record the depletion prior to the eruption. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answers to 0 decimal places, e.g. 45,892. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

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List of Accounts

If this tract represents approximately half of the timber holdings of Blue, determine the amount of the unusual loss due to the eruption of Mount Leno for the year ended December 31, 2020.

Unusual loss due to the eruption of Mount Leno

$

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