! Required information (The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $8,539,920 for land estimated to contain 9,816,000 tons of recoverable ore. It installs and pays for machinery costing $1,276,080 on July 25. The company removes and sells 503,750 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. (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 C1 Required C2 Required D1 Required D2 Record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (Round "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Select formula for Units of Production Depletion: Calculate depletion expense: Depletion per ton Tonnage Depletion expense No Date General Journal Debit Credit 1 December 31 Depletion expenseMineral deposit Accumulated depletionMineral deposit ! Required information [The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Company pays $8,539,920 for land estimated to contain 9,816,000 tons of recoverable ore. It installs and pays for machinery costing $1,276,080 on July 25. The company removes and sells 503,750 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. (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 C1 Required C2 Required D1 Required D2 Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal plac and round all other answers to the nearest whole dollar.) Select formula for Units of Production Depreciation: Calculate Depreciation expense: Depreciation per ton Tonnage Depreciation expense No Date General Journal Debit Credit 1 December 31 Depreciation expenseMachinery Accumulated depreciationMachinery
