On July 23 of the current year, Dakota Mining Co. pays $6,473,520 for land estimated to contain 7,992,000 tons of recoverable ore. It installs machinery costing $959,040 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 408,500 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.

"" On July 23 of the current year Dakota Mining Co pays $6.473.520 for land estimated to contain 7.992000 tons of recoverable ore. It Installs mechinery costing 5959,040 that hes a 10 year life and no selvage value and is cepeble of mining the cre deposit in eight years. The machinery is paid for on July 25 seven days before mining operations begin the company removes and colls 408 500 ions of cre curing 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) To record the purchase of the Innd (b) To record the cost and installation of machinery ic) To record the first five month deplation assuming the land has a not salvage value of zero after the are is mined. (d) To record the first five months depreciation on the machinery Complete this question by entering your answers in the tabs below. Required Flequired Required Required Required: Required DZ To record the purchase of the land, View transaction list View transaction lit Journal entry worksheet Select formula for Units of Production Depletion Journal entry worksheet Calculate depletion expense Depletion per tor Tonnage Calon pense 108.500 Record the year-end adjusting entry for the depletion experse of ore mine Journal entry worksheet Nota: Entour dubitare di Date Record entry Clear entry View general journal Jestion by entering your answers in the tabs below. Required Required B Required C Required ce Required 01 Required D2 To record the first five months' depreciation on the machinery. Select formule for line of Praction Depreciation Calculate Depren pense Deprecio perton Tonnage Deocar expense (Required Required >