On July 23 of the current year, Dakota Mining Co. pays $7,781,280 for land estimated to contain 9.048,000 tons of recoverable ore. It installs and pays for machinery costing $1.990,560 on July 25. The company removes and sells 465,250 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. (e) If the machine will be used at another site when extraction is complete, how would we depreciate this machine? Depreciated Required: Prepare entries to record the following. . (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. 1 Record the cost of the ore mine of $7,781,280 cash. Record the cost of the machinery of $1,990,560 cash. L Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit General Journal Debit Credit Date Jul 25 Jul 23 Select formula for Units of Production Depletion: : Calculate depletion expense: Depletion per ton Tonnage Depletion expense 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 machinery. Note: Enter debits before credits Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 General Journal Debit Credit Select formula for Units of Production Depreciation: Date Dec 31 Calculate Depreciation expense: Depreciation per ton Tonnage Depreciation expense