8 10 Check my work 5 Exercise 8-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company Installs machinery in the mine costing $213,500, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is of 2017 completely mined. Montana begins mining on May 1, 2017, and mines and sells 166,200 tons of ore during the remainingeeight months nts Mining Prepare the December 31, 2017, entries to record both the ore deposit depletion and the mining machinery depre machinery depreclation should be in proportion to the mine's depletion, (Round your unlt depreciation and depletion rates to 2 cimal places) Hint Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. General Jo Dec 31