MacMann Corp. purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 30,000 tons of iron ore. There is no residual value. The business has extracted and sold 2,500 tons of ore in 2018. Prepare the journal entry to record depletion expense for 2018. (Round your intermediate calculations to the nearest cent.) Omit explanation.

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The Answer of MacMann Corp. purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 30,000 tons of iron ore. There is no residual value. The business has extracted and sold 2,500 tons of ore in 2018. Prepare the journal entry to record depletion expense for 2018. (Round your intermediate calculations to the nearest cent.) Omit explanation.