* my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Required information [The following information appiles to the questions displayed below) On July 23 of the current year, Dakota Mining Co pays $6,541,200 for land estimated to contain 8.280,000 tons of recoverable ore It Installs and pays for machinery costing $745,200 on July 25. The company removes and sells 425,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined, Required: Prepare entries to record the following (Do not round your intermediate calculations. Round "Depletion per ton" to two decimal places and round all other answers to the nearest whole dollar.) (a) The purchase of the land (b) The cost and installation of machinery (c) The first five months depletion assuming the land has a net salvage value of zero after the ore is mined (d) The first five months' depreciation on the machinery k my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indica ---- Required information (b) The cost and installation of machinery (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required c1 Required C2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. No Date General Journal Debit Credit 1 Jul 23 Mineral deposit Cash 6,541,200 6,541,200 Required information 12 Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required c2 Required D1 Required D2 To record the first five months' depletion assuming the land has a net salvage value of zero after Select formula for Units of Production Depletion: Calculate depletion expense: Depletion per ton Tonnage Depletion expense $ 335,750,00 38,350 Required information Complete this question by entering your answers in the tabs below. Required A Required B Required ci Required C2 Required D1 Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. No Date Debit Credit 1 Dec. 31 General Journal Depletion expense Mineral deposit Accumulated depletion-Mineral deposit heck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indi Required information Complete this question by entering your answers in the tabs below. Required A Required B Required 1 Required C2 Required D1 Required D2 Prepare the journal entry to record depreciation of the machine at December 31. No Date Debit Credit 1 Dec. 31 General Journal Depreciation expense - Machinery Accumulated depreciation Machinery
