Exercise 10-18 Depletion of natural resources LO P1, P3 On April 2 2017, Montana Mining Co pays $3721,000 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 completely mined. Montana begins mining on May 1 2017, and mines and sells 166.200 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017 entries to recard both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion Round your unit deprec iation and depletion rates to 2 decimal places.) View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine Note: Enter debits before creds. Date General Journal Debit Credit Dec 31