C 1. Amortization ? 2. On July 23 of the current year, Dakota Mining Co. Pays $7,327,200 for land estimated to contain 8,520,000 tons of recoverable ore. It installs and pays. for machinery costing $1,709,000 on July 25. The company ore during removes and sells 937,000 tons of 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 one Is mined. Required: "Round to depletion by ton" -Record all entries. a) Purchase of the land. 6.) Cost and installation of machinery c) The first five months depletion assuming the land has net vahu of zero. salvage 6) The first five months' depreciation on the machinery