Montana Mining Company pays $3,021,160 for an ore deposit containing 1,492,000 tons. The company installs machinery...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Montana Mining Company pays $3,021,160 for an ore deposit containing 1,492,000 tons. The company installs machinery in the mine costing $171,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 144,900 tons of ore during the year. Prepare the December 31 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 list Journal entry worksheet 1 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > Montana Mining Company pays $3,021,160 for an ore deposit containing 1,492,000 tons. The company installs machinery in the mine costing $171,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 144,900 tons of ore during the year. Prepare the December 31 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 list Journal entry worksheet 1 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date December 31 General Journal Debit Credit >
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Why is an accounting system with adequate controls a legal requirement for companies that sell shares of stock to the public?
-
Explain the requirements necessary to successfully apply equitable estoppel.
-
What is a business review, an environmental analysis or a situation analysis? What does it aim to investigate?
-
Property, plant and Equipment (plant assets) generally represent a material portion of the total assets of most companies. Accounting for the acquisition and usage of such assets is therefore an...
-
Should there be an absolute prohibition on self-dealing transactions between a nonprofit corporation and its directors or officer?
-
The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: The following additional information is taken from the records: A. Land was sold for $120....
-
Let r(t) = thi+ toj, find T(2) and N(2), then write the acceleration vector at the point corresponding at t = 2 as a linear combination of T and N. [a(2) = a T + a,N]
-
1. How do you think the US Economy is doing right now? Scale of 1-10 with 1 a depression and 10 a huge boom. 2. What factors and specific data do you rely upon to reach that conclusion? Here you must...
-
You have just started a sales job in a department store. Your pay consists of a base salary and a commission. The base salary is $10,000.00. The scheme shown below is used to determine the commission...
-
2. The Public Safety office at Millennium College maintains a list of parking tickets issued to vehicles parked illegally on the campus. The following table show a portion of this list. Parking...
-
32) f(x)=5x sin x 34) 8(x) = 1 cos x sin x 33) f(x)= COSX x (Using the Quotient Rule) (Using the Quotient Rule) 35) f(x) = sec x The height (in feet) of a ball t seconds after it is thrown upwards...
-
Objective: The objective of this assignment is to develop your ability to read, understand, and analyze financial statements of a publicly traded company. You will learn to interpret the financial...
-
\f
-
Jennifer Cosmetics wants to construct a new building. It has three building options, as follows: a. Hire a contractor to do all the work. Jennifer has a bid of $850,000 from a reputable contractor to...
-
On January 2, 2003, Cameron Company contracted to lease a computer on a noncancelable basis for five years at an annual rental of $63,000, payable at the end of each year. The computer has an...
-
On January 2, 2001, Union Oil Company purchased a new airplane. The following costs are related to the purchase: Airplane, base price Cash discount Sales tax Delivery charges $112,000 3,000 4,000...
Study smarter with the SolutionInn App