On April 2, 2018, Montana Mining Co. pays $4,638,780 for an ore deposit containing 1,484,000 tons. The company installs machinery in the mine costing $197,000, 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, 2018, and mines and sells 142,300 tons of ore during the remaining eight months of 2018 Prepare the December 31, 2018, 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 dollar.) View transaction list Journal entry worksheet 1 2 > 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 Record entry Clear entry View general journal On April 2, 2018, Montana Mining Co. pays $4,638,780 for an ore deposit containing 1,484,000 tons. The company installs machinery in the mine costing $197,000, 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, 2018, and mines and sells 142,300 tons of ore during the remaining eight months of 2018. Prepare the December 31, 2018, 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 dollar.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal