Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montana Mining Company pays $4,501,030 for an ore deposit containing 1,592,000 tons. The company installs machinery In the mine costing $155,200. Both the ore and

image text in transcribed
Montana Mining Company pays $4,501,030 for an ore deposit containing 1,592,000 tons. The company installs machinery In the mine costing $155,200. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 147,300 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 depreclation should be in proportion to the mine's depletion. Note: Do not round intermedlate calculations. Round your final answers to the nearest whole number. Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Management A Strategic Emphasis

Authors: Edward Blocher, Kung Chen, Thomas Lin

1st Edition

0070059160, 978-0070059160

More Books

Students also viewed these Accounting questions

Question

Discuss the three challenges facing leaders

Answered: 1 week ago