On July 23 of the current year, Dakota Mining Company pays $7,022,400 for land estimated to contain 9,240,000 tons of recoverable ore. It installs and pays for machinery costing $1,201,200 on July 25. The company removes and sells 475,250 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.

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.

Select formula for Units of Production Depletion: (Cost - Salvage) / Total units of production Calculate depletion expense: Depletion per ton Tonnage Depletion expense $ 0.76 Journal entry worksheet 1 Record the year-end adjusting entry for the depletion expense of ore mine. Noter Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required: Required c2 Required: Required 02 Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Select formula for Units of Production Depreciation: Calculate Depreciation expense: Depreciation perton Tonnage Depreciation expense Journal entry worksheet