On April 2, 2017, Montana Mining Co. pays $4,265,400 for an ore deposit containing 1,593,000 tons. The company installs machinery in the mine costing $176,900, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2017, and mines and sells 138,000 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion.(Do not round intermediate calculations. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Clear entry Record entry View general journal Journal entry worksheet 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits Date Debit Credit General Journal Dec 31 Clear entry Record entry View general journal Milano Gallery purchases the copyright on an oil painting for $450,000 on January 1, 2017. The copyright legally protects its owner for 10 more years. The company plans to market and sell prints of the original for 19 years Prepare entries to record the purchase of the copyright on January 1, 2017, and its annual amortization on December 31, 2017. View transaction list Journal entry worksheet 2 Record the purchase of the copyright on an oil painting for $450,000 cash Note: Enter debits before credits. Credit Date General Journal Debit Jan 01 Record entry Clear entry View general journal Journal entry worksheet 2 Record the year-end adjusting entry for the amortization expense of the copyright Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal