On July 23 of the current year, Dakota Mining Company pays $6,867,120 for land estimated to contain 9,672,000 tons of recoverable ore. It installs and pays for machinery costing $580,320 on July 25. The company removes and sells 498,000 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. - Record the cost of the ore mine of $6,867,120 cash. - In a journal entry worksheet (b) The cost and installation of machinery. - Record the cost of the machinery of $580,320 cash. - In a journal entry worksheet (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. -C1)

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 places and round all other answers to the nearest whole dollar.)

Select formula for Units of Production Depletion:
Calculate depletion expense:
Depletion per ton
Tonnage
Depletion expense

C2)Prepare the journal entry to record depletion of the Mineral deposit at December 31. (Round your "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.)

Record the year-end adjusting entry for the depletion expense of ore mine.

(d) The first five months' depreciation on the machinery.

d1)

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 per ton
Tonnage
Depreciation expense

D2)

repare the journal entry to record depreciation of the machine at December 31. (Round your "Depreciation 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 depreciation expense of the machinery.