No, you should enter this as Schedule K-1 from a Trust. You'll find the income under Part III of Schedule E, p2. Depletion is netted against box 7, and the total from this K-1 is included in Line 37 of Schedule E.
This flow of numbers may be easier to follow in Forms mode. Open K-1 Trust (name on K-1) and Schedule E, p2.
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