Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,440,000 pine trees that, when mature, can be used for utility poles. Bedford paid $900 per acre for the timberland. The land has a residual value of $180 per acre when all the trees are harvested. During 2011, Bedford harvested 150,000 trees.

Required:
1. Compute the depletion per tree.
2. Prepare the journal entry to record the harvesting of the trees for 2011.