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Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000 The estimated market values of the
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000 The estimated market values of the purchased assets are building, $460,800; land, $288,000; land improvements, $57,600; and four vehicles. $153,600 Montana Mining Company pays $4.217,830 for an ore deposit containing 1,468,000 tons. The company installs machinery in the mine costing $217,900 Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 136,300 tons of ore during the year Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining machinery depreciation Mining machinery depreciation should be in proportion to the mine's depletion (Do not round intermediate calculations. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine
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