Exercise 10-18 Depletion of natural resources LO P3

Exercise 10-18 Depletion of natural resources LO P3 Montana Mining Co, pays $3,323,680 for an ore deposit containing 1484,000 tons. The company installs machinery in the mine costing $240.100, which will be abandoned when the ore is completely mined Montana mines and sells 180.000 tons of ore during the 50 Prepare the year-end entries to record both the ore deposit depletion and the mining machinery depreciation Mining machinery depreciation should be in proportion to the mine's depletion (Do not round intermediate calculations. Round your final answers to the nearest whole number.) View transaction is Journal entry worksheet 1 Record the year-end adjusting entry for the depletion expense of ore mine Note: Enter debits before credits Debit Credit General Journal Date Dec 31 Exercise 10-18 Depletion of natural resources LO P3 Montana Mining Co. pays $3,323,680 for an ore deposit containing 1.484,000 tons. The company installs machinery in the mine costing $240,100, which will be abandoned when the ore is completely mined Montana mines and sells 180.000 tons of ore during the year Prepare the year-end entries to record both the ore deposit depletion and the mining machinery depreciation Mining machinery depreciation should be in proportion to the mine's depletion. (Do not round intermedinte calculations. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet 1 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery Note: Enter debit before credits Debit Credit General Journal Date Dec 31