Brief Exercise 11-9 Your answer is partially correct. Try again. Pharoah Corporation acquires a coal mine at a cost of $408,000. Intangible development costs total $102,000. After extraction has occurred, Pharoah must restore the property (estimated fair value of the obligation is $81,600), after which it can be sold for $163,200. Pharoah estimates that 4,080 tons of coal can be extracted. If 714 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inventory 74,970 | X . 74,970 Accumulated Depreciation-Building Accumulated Depreciation Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Plant Assets Accumulated Depreciation-Trucks