On April 2,2017 Montana mining co pays 4,270,760 for an ore deposit containing 1,438,000 tons.The company installs machinery in the mine costing 238,800 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 159,300 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. Record the year end adjusting entry for the depletion expense of ore mine. Record the year end adjusting entry for the depreciation expense of the mining machinery.