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Montana Mining Company pays $ 4 , 1 4 4 , 2 7 0 for an ore deposit containing 1 , 4 4 6 ,
Montana Mining Company pays $ for an ore deposit containing tons. The company installs machinery in the mine costing $ Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells tons of ore during the year.
Prepare the December yearend entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mines depletion.
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