Montana Mining Company pays $3,898,770 for an ore deposit containing 1,571,000 tons. The company installs machinery in the mine costing $235,300. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 133,500 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. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole number. View transaction list View journal entry worksheet No 1 Date December 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit General Journal Debit Credit

Montana Mining Company pays $3,898,770 for an ore deposit containing 1,571,000 tons. The comparny installs machinery in the mine costing $235;300. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 133,500 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. Note: Do not round intermedlate calculations. Round your final answers to the nearest whole number