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Pharoah Mining purchased for $5,977,200$ a mine that is estimated to have $49,810,000$ tons of ore and no residual value. In the first year, $12,090,000$ tons of ore are extracted.

$($a$)$

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

Depletion cost per ton $,$

Prepare the journal entry to record depletion for the first year. $($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 $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

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List of Accounts

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