Required information Problem 10-7A Natural resources LO P3 {The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. 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. Problem 10-7A Part 1-4 Required: Prepare entries to record the following. (Do not round your intermediate calculations. Round "Depletion per ton" to two decimal places and round all other answers to the nearest whole dollar.) (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 To record the first five months' depletion assuming the land has a net salvage value of Select formula for Units of Production Depletion: (Cost - Salvage value) / Useful life in periods Calculate depletion expense: Depletion per ton Tonnage Depletion expense Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. NO Dato General Journal Dobit Credit Required A Required B Required C1 Required C2 Required D1 Required D2 To record the first five months' depreciation on the machinery. Select formula for Units of Production Depreciation: Calculate Depreciation expense: Depreciation per ton Tonnage Depreciation expense Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record depreciation of the machine at December 31. No Date Gonora ournal Dobit Credit