Kotter Mining Company Purchases a Gravel Pit for $2,500,000 $\quad 465,000$

Kotter Mining Company purchases a gravel pit for $2,500,000.It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life.If 930,000 tons are extracted and sold during the first year,the entry to record the depletion expense is:

A)
Depletion Expense - Gravel pit $\quad 465,000$
Accumulated Depletion - Gravel pit $\quad 465,000$
B)
Depletion Expense - Gravel pit $\quad 116,250$
Accumulated Depletion - Gravel pit $\quad 116,250$
C)
Depletion Expense - Gravel pit $\quad 232,500$
Accumulated Depletion - Gravel pit $\quad 232,500$
D)
$$\begin{array} { l } \text { Depletion Expense - Gravel pit } &348,750 \\\quad \text { Accumulated Depletion - Gravel pit }&&348,750\end{array}$$