Required information (The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Co. pays $5,640,240 for land estimated to contain 7,944,000 tons of recoverable ore. It installs and pays for machinery costing $1,350,480 on July 25. The company removes and sells 406,250 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. (e) If the machine will be used at another site when extraction is complete, how would we depreciate this machine? Depreciated Milano Gallery purchases the copyright on a painting for $240,000 on January 1. The copyright is good for 12 more years. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. Journal entry worksheet 1 2 > Record the purchase of the copyright on a painting for $240,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal Journal entry worksheet