Steel Rolling Company purchased a mine on January 1, 2015, for $500,000 and they estimated that 30,000 tons of iron ore can be extracted from it. It has no residual value. The company has extracted 2,500 tons of ore in 2015. Give the journal entry to record depletion expense for the year 2015. (Do not round your intermediate calculations).

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The Answer of Steel Rolling Company purchased a mine on January 1, 2015, for $500,000 and they estimated that 30,000 tons of iron ore can be extracted from it. It has no residual value. The company has extracted 2,500 tons of ore in 2015. Give the journal entry to record depletion expense for the year 2015. (Do not round your intermediate calculations).

Steel Rolling Company Purchased a Mine on January 1, 2015