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Required Information

$[$The following information applies to the questlons displayed below.$]$

On July $23$ of the current year, Dakota Mining Company 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.

Required:

Prepare entrles to record the following.

$($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.

Required $A$

Required B

Required C$1$

Required $C2$

Required D$1$

Required D$2$

Prepare the journal entry to record the purchase of the land.

Journal entry worksheet

$1$

Record the cost of the ore mine of $$4,715,000$cash.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $23,,,],[,,,],[,,,],[,,,],[,,,]]$

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