Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 23 of the current year, Dakota Mining Company pays $7,046,400 for land estimated to contain 8,808,000 tons of recoverable ore. It installs and

On July 23 of the current year, Dakota Mining Company pays $7,046,400 for land estimated to contain 8,808,000 tons of recoverable ore. It installs and pays for machinery costing $968,880 on July 25. The company removes and sells 451,000 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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed image text in transcribed

Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Required A Required B Required C1 Required C2 Required D1 Required D2 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 Prepare 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.) View transaction list Journal entry worksheet 1 > Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Journal entry worksheet Record the cost of the ore mine of $7,046,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit July 23 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Human Resources

Authors: Kelli W. Vito

2nd Edition

0894136941, 978-0894136948

More Books

Students also viewed these Accounting questions

Question

7. Identify six intercultural communication dialectics.

Answered: 1 week ago