Required information The following information applies to the questions displayed below) On July 23 of the current year, Dakota Mining Co pays $4.715,000 for land estimated to contain 5125,000 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 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 Required 2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. View transaction list View journal entry worksheet Required A Required Required C1 Required 2 Required Di Required D2 Prepare the Journal entry to record the purchase of the land. View transaction list View journal entry worksheet No Date General Journal Credit Debit 4,715,000 1 Jul 23 Land Cash 4,715,000 Complete this question by entering your answers in the tabs below. 3 Required A Required 8 Required ct Required C2 Required D1 Required D2 Prepare the journal entry to record the cost and installation of machinery. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jul 25 410,000 Machinery Cash 410,000 Complete this question by entering your answers in the tabs below. Required A Required B Required CI Required C2 Required Di Required D2 To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. Select formula for Units of Production Depletion: Cost Salvage) / Total units of production Calculate depletion expense. Depletion per fon 008 Tonnage 480 000 Depletion expense 38,400 $ $ Complete this question by entering your answers in the tabs below. Required A Required B Required Required C2 Required D1 Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. ! View transaction list View journal entry worksheet LE No Date Debit Credit 1 Dec 31 General Journal Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit 441,600 441,600 (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 1. Required C2 Required D1 Required D2 To record the first five months' depreciation on the machinery. Select formula for Units of Production Depreciation: Calculate Depreciation expense Depreciation per ton Tonnage Depreciation expense - View transaction list Journal entry worksheet 3 Record the year-end adjusting entry for the depreciation expense of the machinery Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal
