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Montana Mining Company pays $4,695,960 for an ore deposit containing 1,473,000 tons. The company Installs machinery In the mine costing $213,800. Both the ore and
Montana Mining Company pays $4,695,960 for an ore deposit containing 1,473,000 tons. The company Installs machinery In the mine costing $213,800. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 183,200 tons of ore during the year. Prepare the December 31 year-end entrles to record both the ore deposit depletion and the mining machinery depreclation. Mining machinery depreclation should be in proportion to the mine's depletion. (Do not round Intermedlate calculatlons. Round your flinal answers to the nearest whole number.) Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits
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