Required information

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

On July $23$ of the current year, Dakota Mining Co$.$ pays $$6,942,000$ for land estimated to contain $7,800,000$ tons of

recoverable ore. It installs and pays for machinery costing $$702,000$ on July $25.$ The company removes and sells $400,000$

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 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$-$

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Required C$1$

Required C$2$

Required D$1$

Required D$2$

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