On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25 . The company removes and sells 480,000 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 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. Answer is not complete. 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. Note: Round your "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar. On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25 . The company removes and sells 480,000 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 five month's 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepore the journal entry to record depletion of the Mineral deposit at December 31 . Note: Round your "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole doliar
