Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montana Mining Company poys $3,857,060 far an ore deposit containing 1,408, 000 tons. The company installs machinety in the mine costing $198.500. Both the ore

image text in transcribed
image text in transcribed
image text in transcribed
Montana Mining Company poys $3,857,060 far an ore deposit containing 1,408, 000 tons. The company installs machinety in the mine costing $198.500. Both the ore and machinery will have no salvoge volue after the ore is completely mined. Montana mines and selfs t80 600 tons of ere during the year. Frepare the December 3 yest-end entnes to record both the ore deposit depletion and the mining machinery depreciation. Mining mochleery depceciation shouid be in propertion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nenrest whole number.) Journal entry worksheet Procord the year end adjusting entry for the depletion expense of ore mine. guarsar tels y ver nattedt. Recond the yeahthid adjusting entry for the depletien expense of ore mifle. Jumillai eill y voI KDIIEEL Record the year-end adjusting entry for the depreciation expense of the mining machinery. 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

Advanced Financial Accounting Lawrence S C Good Condition ISBN 08512

Authors: S.C. Lawrence

1st Edition

9780851215099

More Books

Students also viewed these Accounting questions