Required information The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Co. pays $6,432,000 for land estimated to contain 8,040,000 tons of recoverable ore. It installs and pays for machinery costing $1,045,200 on July 25. The company removes and sells 411,000 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 Record the cost of the ore mine of $6,432,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jul 23 Record entry Clear entry View general Journal (Required A Required B > Required information Journal entry worksheet Record the cost of the machinery of $1,045,200 cash. 1 / Note: Enter debits before credits. Date Jul 25 General Journal Debit Credit S A / / / / x 1 / / / Record entry Clear entry View general Journal 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 To record the first five months' depletion assuming 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 ILULUUSIL OL vele PIEVIEWE Tour TIGI ER V U TELTU UeviewRUL URE M Required information Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal XA Debit Credit Dec. 31 ZX LI Record entry Clear entry View general Journal Prey of Next > 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 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 Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general Journal Help Required information [The following information applies to the questions displayed below.) On July 23 of the current year, Dakota Mining Co. pays $6,432,000 for land estimated to contain 8,040,000 tons of recoverable ore. It installs and pays for machinery costing $1,045,200 on July 25. The company removes and sells 411,000 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
