Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $3,636,550 for an ore deposit containing 1.575,000 tons. The company installs machinery in the mine costing S172,500, which will be abandoned when the ore is completely mined. Montana mines and sells 183,000 tons of ore during the year Prepare the 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 1 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits General Journal Credit Date Dec 31 Debit 422,532 422,532 Record entry Clear entry View general journal Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $3.636,550 for an ore deposit containing 1575,000 tons. The company installs machinery in the mine costing S172,500, which will be abandoned when the ore is completely mined Montana mines and sells 183.000 tons of ore during the year Prepare the 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) Journal entry worksheet 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery hute Enter debts before credite General Journal Debit Crectie Dec 31 Recordantry Chor entry View general journal