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Exercise 10-18 Depletion of natural resources LO P1, P3 On Apil 2 2017, Montana Mining Co. pays $319,880 for an ore deposit containing 1560.000 tons. The company installs machinery the mine costing $214.800, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is letely mined. Montana begins mining on May 1.2017, and mines and sells 169 800 tons of ore during the remaining eight months of 2017. Prepare the December 31. 2017, 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 Intermedilate calculetions. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine Debit Credit l Journal Date Dec 31 Exerclse 10-18 Depletlon of natural resources LO P1, P3 On Aprl 2, 2017, Montana Mining Co.pays $3.19.80 for an ore deposit containing 1560,000 tons. The company installs machinery in the mine costing $214.800, 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 169.800 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017, 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 Intermedlate calculatlons. Round your final enswers to the nearest whole number.) Journal entry worksheet Record the year-end adjusting entry for the depreciation exxpense of the mining machinery. Date