Required information

[The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Co. pays $8,017,200 for land estimated to contain 9,432,000 tons of recoverable ore. It installs and pays for machinery costing $1,603,440 on July 25. The company removes and sells 483,250 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.

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.

Prepare the journal entry to record the purchase of the land. (Jul 23)

(b) The cost and installation of machinery.

Prepare the journal entry to record the cost and installation of machinery. (Jul 25)

(c ) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.

(C1) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.

(C2) Prepare the journal entry to record depletion of the Mineral deposit at December 31.

(d) The first five months' depreciation on the machinery.

(D1) To record the first five months' depreciation on the machinery.

(D2) Prepare the journal entry to record depreciation of the machine at December 31.

(e) If the machine will be used at another site when extraction is complete, how would we depreciate this machine?