In March, $2015,$ Maley Mines Co$.$ purchased a coal mine for $$6,000,000.$

Removable coal is estimated at $1,500,000$ tons. Maley is required to restore

the land at an estimated cost of $$720,000,$ and the land should have a value

of $$630,000.$ The company incurred $$1,500,000$ of development costs

preparing the mine for production. During $2015,450,000$ tons were removed

and $300,000$ tons were sold.

Required:

Prepare the necessary journal entry$($ies$)$ to record depletion expense of

extracted material? And show how the mine will show at financial position.