Bedford Ridge Development purchased a 5,000-acre tract of forested land in southern Georgia. The tract contained about 1,650,000 pine trees that, when mature, can be used for utility poles. Bedford paid $800 per acre for the timberland. The land has a residual value of $107 per acre when all the trees are harvested. During the year, Bedford harvested 180,000 trees. Required: 1. Compute the depletion per tree. Round your answer to the nearest cent and use the rounded value for any following calculations. $ per tree 2. Prepare the journal entry to record the harvesting of the trees. If an amount box does not require an entry, leave it blank. Dec. 31

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