Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,650,000 pine trees that, when mature, can be used for utility poles. Bedford paid $800 per acre for the timberland. The land has a residual value of $107 per acre when all the trees are harvested. During 2019, Bedford harvested 180,000 trees.
Required:
1. Compute the depletion per tree.
2. Prepare the journal entry to record the harvesting of the trees for 2019?