On July 23 of the current year, Dakota Mining Companh pays $7,120,080 for land estimated to contain 8,184,000 tons of recoverable ore. It installs and pays for machinary costing $736,560 on July 25. The company removes and sells 421,500 tons of ore during its first five months of operations ending on Dec 31. Depreciation of the machinary is in proportion to the mine's depletion as the machinary will be abandoned after the ore is mined

Answer the table for C1, C2, D1

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Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $7,120,080 for land estimated to contain 8,184,000 tons of recoverable ore. It installs and pays for machinery costing $736,560 on July 25 . The company removes and sells 421,500 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. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first flve 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. Complete this question by entering your answers in the tabs below. Record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (Round your "Depletion per ton" answer to 2 decimal piaces and round all other answers to the nearest whole dollar.) The cost and installation of machinery. -) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. d) The first five month' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Record the first five month' depletion assuming the land has a net salvage value of zero after the ore is mined. (Round you "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal place and round all other answers to the nearest whole dollar.)