Current Attempt in Progress

Gorman Mining invested $$960,000$ in a mine estimated to have $1,200,000$ tons of ore with no salvage value. During the first year, $200,000$ tons of ore were mined and sold. Prepare the journal entry to record depletion expense. $($Credit account titles are automatically 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 all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$$

$($To record cost of goods sold$)$