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7 3 points Montana Mining Company pays $4.404,210 for an ore deposit containing 1,596.000 tons. The company instalis machinery in the mine costing $214,600. Both the ore and machinery will have no salvage value after the ore is completely mined, Montana mines and sells 186,800 tons of ore during the year. Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining machinery depreciation Mining machinery depreciation should be in proportion to the mine's depletion (Do not round Intermediate calculations. Round your final answers to the nearest whole number.) Skloped View transaction list eBook Journal entry worksheet 2 Hint 1 Print Record the year-end adjusting entry for the depletion expense of ore mine. References Note: inter debits before credits Date December 31 General Journal Debit Credit Record entry Clear entry View general Journal 7 3 points Montana Mining Company pays $4.404,210 for an ore deposit containing 1.596.000 tons. The company installs machinery in the mine costing $214,600. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 186,800 tons of ore during the year. Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining machinery depreciation Mining machinery depreciation should be in proportion to the mine's depletion (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Skipped View transaction list eBook Journal entry worksheet Hint Record the purchase of the copyright on a painting for $330,000 cash. Print Note: Enter debits before credits. References General Journal Debit Credit Date January 01 Record entry Clear entry View general Journal 8 Milano Gallery purchases the copyright on a painting for $330.000 on January 1. The copyright is good for 12 more years, after which the copyright will expire and anyone can make prints. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31 3 points Skioped View transaction list Journal entry worksheet eBook Hint Record the year-end adjusting entry for the amortization expense of the copyright. Print Note: Enter debits before credits References General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 9 2 points Robinson Company purchased Franklin Company at a price of $3.910.000. The fair market value of the net assets purchased equals $2,850,000 1. What is the amount of goodwill that Robinson records at the purchase date? 2. Does Robinson amortize goodwill at year-end for financial reporting purposes? 3. Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created $1.410,000 of goodwill. Should Robinson Company record this goodwill? Seed Complete this question by entering your answers in the tabs below. Book Hint Required 1 Required 2 Required What is the amount of goodwill that Robinson records at the purchase date? Goodwill Required 2 > Print References 9 2 points Robinson Company purchased Franklin Company at a price of $3.910,000. The fair market value of the net assets purchased equals 52,850,000 1. What is the amount of goodwill that Robinson records at the purchase date? 2 Does Robinson amortize goodwill at year-end for financial reporting purposes? 3. Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created $1.410,000 of goodwill. Should Robinson Company record this goodwill? Supped Complete this question by entering your answers in the tabs below. eBook Required 3 Required 1 Required 2 Does Robinson amortize goodwill at year-end for Financial reporting purposes? Does Robinson amortize goodwill at year-end? Print References 9 2 points Robinson Company purchased Franklin Company at a price of $3,910,000. The fair market value of the net assets purchased equals $2,850,000 1. What is the amount of goodwill that Robinson records at the purchase date? 2. Does Robinson amortize goodwill at year-end for financial reporting purposes? 3. Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created 51.410,000 of goodwill. Should Robinson Company record this goodwill? Skipped Complete this question by entering your answers in the tabs below. eBook Hint Required 1 Required 2 Required 3 Robinson belleves that its employees provide superior customer service, and through their efforts, Robinson believes it has created $1,410,000 of goodwill. Should Robinson Company record this goodwill? Should Robinson Company record this goodwill?