Crane Mining Co$.$ purchased for $$7,048,000$ a mine that is estimated to have $35,240,000$ tons of ore and no salvage value. In the first year, $5,120,000$ tons of ore are extracted.

$($a$1)$

Your answer is correct.

Calculate depletion cost per unit. $($Round answer to $2$ decimal places, eg$.0\mathrm{.}50)$

Depletion cost per unit

$

perton

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List of Accounts

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$($a$2)$

Prepare the journal entry to record depletion for the first year. $($Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List debit entry before credit entuy$)$

Account Titles and Explanation

Debit

Credit

Cash

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