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Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25 . The company removes and sells 480,000 tons of 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. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. Journal entry worksheet Record the cost of the ore mine of $4,715,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the cost of the machinery of $410,000 cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (Round yo "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Select formula for Units of Production Depreciation: Calculate Depreciation expense: \begin{tabular}{|l|l|} \hline Depreciation per ton \\ \hline Tonnage & \\ \hline Depreciation expense \\ \hline \end{tabular} Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Enter debits before credits