Required information Problem 10-7A (Algo) Natural resources LO P3 [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $7,203,360 for land estimated to contain 8,376,000 tons of recoverable ore. It installs and pays for machinery costing $1,256,400 on July 25 . The company removes and sells 431,000 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. Problem 10-7A (Algo) Part 1-4 Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and instaltation 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. Complete this question by entering your answers in the tabs below