Exercise 8-19 (Static) Depletion of natural resources LO P3 Montana Mining Co. pays $3,721,000 for an ore deposit containing 1.525,000 tons. The company installs machinery in the mine costing $213,500. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 166,200 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, (Round your unit depreciation and depletion rates to 2 decimal places.) View transaction list > 1 Record the year-end adjusting entry for the depletion expense of ore mine. 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery mine. Credit Note journal entry has been entered Record entry Clear entry View general Journal