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.

Required A / Required B / Required C2 / Required D2

General Journal:

• Accumulated amortization
• Accumulated depletionMineral deposit
• Accumulated depreciationMachinery
• Amortization expense
• Building
• Cash
• Depletion expenseMineral deposit
• Depreciation expenseMachinery
• Equipment
• Gain on sale of equipment
• Goodwill
• Impairment loss
• Land
• Land improvements
• Leasehold improvements
• Loss from fire
• Loss on disposal of equipment
• Loss on exchange of assets
• Loss on sale of equipment
• Machinery
• Mineral deposit
• Prepaid rent
• Rent expense
• Repairs expense
• Vehicles

Required C1 / Required D1

Select formula for Units of Production Depletion / Select formula for Units of Production Depreciation:

• (Cost - Salvage value) / Useful life in periods
• (Cost - Salvage) / Total units of production
• (Cost - Salvage) x DDB rate
• DDB rate x Beginning-period book value
• SL rate x Beginning-period book value

! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8,808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 C1 Required C2 Required Di Required D2 Prepare the journal entry to record the purchase of the land. View transaction list Journal entry worksheet 1 Record the cost of the ore mine of $6,870,240 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jul 23 Record entry Clear entry View general Journal Required A Required B > ! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8,808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 C1 Required C2 Required Di Required D2 Prepare the journal entry to record the cost and installation of machinery. View transaction list Journal entry worksheet 1 Record the cost of the machinery of $2,202,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jul 25 Record entry Clear entry View general journal ! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8.808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 ci Required cz Required D1 Required D2 To record the first five months' depletion assuring the land has a net salvage value of zero after the ore is mined. Select formula for Units of Production Depletion: Calculate depletion expense: Depletion per ton Tonnage Depletion expense ! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8.808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 C1 Required C2 Required Di Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. View transaction list Journal entry worksheet ! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8.808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 C1 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 ! Required information (The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,870,240 for land estimated to contain 8.808,000 tons of recoverable ore. It installs and pays for machinery costing $2,202,000 on July 25. The company removes and sells 452,750 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. (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 C1 Required C2 Required Di Required D2 Prepare the journal entry to record depreciation of the machine at December 31. View transaction list Journal entry worksheet