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 $6,798,960 for land estimated to contain 9,576,000 tons of recoverable ore. It installs and pays for machinery costing $670,320 on July 25 . The company removes and sells 494,500 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. roblem 87 A Part 14 Required: Prepare entries to record the following. (Do not round your intermediate calculations. Round "Depletion per ton" to two decimal bloces and round all other answers to the nearest whole dollor.) (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. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record the purchase of the land. Journal entry worksheet Journal entry worksheet Record the cost of the ore mine of $6,798,960 cash. Note : Grtet debits betore credits. Journal entry worksheet Record the cost of the machinery of $670,320 cash. Note: Enter debits before credits. Required: Prepare entries to record the following. (Do not round your intermediate calculations. Round "Depletion per ton" to 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. Complete this question by entering your answers in the tabs below. To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Prepare entries to record the following. (Do not round your intermediote calculations. Round "Depletion per ton" to places and round oll 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. Complete this question by entering your answers in the tabs below. To record the first five month's' depreciation on the machinery. Prepare the journal entry to record depreciation of the machine at December 31 . Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Entec debits before credits. 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 $6,798,960 for land estimated to contain 9,576,000 tons of recoverable ore. It installs and pays for machinery costing $670,320 on July 25 . The company removes and sells 494,500 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. roblem 87 A Part 14 Required: Prepare entries to record the following. (Do not round your intermediate calculations. Round "Depletion per ton" to two decimal bloces and round all other answers to the nearest whole dollor.) (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. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record the purchase of the land. Journal entry worksheet Journal entry worksheet Record the cost of the ore mine of $6,798,960 cash. Note : Grtet debits betore credits. Journal entry worksheet Record the cost of the machinery of $670,320 cash. Note: Enter debits before credits. Required: Prepare entries to record the following. (Do not round your intermediate calculations. Round "Depletion per ton" to 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. Complete this question by entering your answers in the tabs below. To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Prepare entries to record the following. (Do not round your intermediote calculations. Round "Depletion per ton" to places and round oll 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. Complete this question by entering your answers in the tabs below. To record the first five month's' depreciation on the machinery. Prepare the journal entry to record depreciation of the machine at December 31 . Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Entec debits before credits