- Ex 10-7, 10-8, 10-16 Prob 10-2A, 10-7A Help Save &Exit S Check my vw On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recovera ing $410,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in 8 years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 480,000 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) To record the purchase of the land (b) To record the cost and installation of machinery (c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore s mined (d) To record the first five months' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Required B Required C1 Required C2 Required D1 Required D2 Required A To record the purchase of the land