$54$ million.

Required

a$)$ Prepare the journal entry to record the purchase of the forest.

Do not enter dollar signs or commas in the input boxes.

$\backslash$table$[[$Date$,$Account Title and Explanation,Debit,Credit,$],[$Jan $1,$Forest,$,17000000,],[,$Cash,$,,1700000],[,$Record the purchase of the forest,,,$]]$

b$)$ Calculate the depletion rate for each BF to be extracted.

Round your answers to $2$ decimal places.

Unit cost $=$$ per board foot

c$)$ During the current year, the company haryested and sold $300,000$ board feet. Prepare the journal entry to record the harvesting on December $31,2023.$

Round your answers to the nearest whole number.

$\backslash$table$[[$Date$,$Account Title and Explanation,Debit,Credit$],[$Dec $31,$Depletion Expense,$,],[,$Accumulated Depletion,$,],[,$Record depletion for the year,,$]]$