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Down Deep Mining Co. acquired mineral rights for $48,750,000. The mineral deposit is estimated at...

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Accounting

Down Deep Mining Co. acquired mineral rights for $48,750,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 16,250,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank

b. Determine the amount of depletion expense for the current year. $fill in the blank

c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

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