Required information [The following information applies to the questions displayed below) On July 23 of the current year, Dakota Mining Company pays $7,065,120 for land estimated to contain 8,616,000 tons of recoverable ore It installs and pays for machinery costing $603,120 on July 25. The company removes and sells 443,000 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 (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 I Required C2 Required DI Required 02 Prepare the journal entry to record the purchase of the landi Record the cost of the machinery of $603,120 cash. Note: Enter debits before credits. General Journal Debit Credit Date July 25 Record entry Clear entry View general journal 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 your "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 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Select formula for Units of Production Depreciations Calculate Depreciation expense Depreciation per ton Tonnage Depreciation expense Record the cost of the machinery of $603,120 cash. Note: Enter debits before credits. General Journal Debit Credit Date July 25 Record entry Clear entry View general journal 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 your "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 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Select formula for Units of Production Depreciations Calculate Depreciation expense Depreciation per ton Tonnage Depreciation expense
