Required information Problem 8-7A Natural resources LO P3 [The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $8,618,400 for land estimated to contain 9,576,000 tons of recoverable ore. It installs and pays for machinery costing $1,915,200 on July 25. The company removes and sells 492,500 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 8-7A Part 1-4 Required: Prepare entries to record the following. (Do not round your int rmediate 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. View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 Jul 23 8,618,400 Mineral deposit Cash 8,618,400 Required A Required B View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jul 25 1,915,200 Machinery Cash 1,915,200 Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. Select formula for Units of Production Depletion: (Cost - Salvage value) / Useful life in periods Calculate depletion expense: Depletion per ton Tonnage Depletion expense View transaction list Journal entry worksheet 1 > Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. 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 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 Dec. 31 Record entry Clear entry View general journal