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Required Information [The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $7,356,960 for land estimated to contain 9,432,000 tons of recoverable ore. It installs and pays for machinery costing $1,509,120 on July 25. The company removes and sells 486,750 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following (Do not round your Intermediate calculations. Round "Depletion per ton" to two decimal places and round all other answers to the nearest whole dollar.) (a) The purchase of the land. (b) The cost and Installation of machinery (c) The first five months' depletion assuming the fond has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general Journal To record the first five months' depreciation on the machinery. Select formula for Units of Production Depreciation: Calculate Depreciation expense: Depreciation per ton Tonnage Depreciation expense Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31