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Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Co. pays $5,493,600 for land estimated to contain 7,848,000 tons of recoverable ore. It installs and pays for machinery costing $941,760 on July 25. The company removes and sells 403,000 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. * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. No Date General Journal Debit Credit Jul 23 Mineral deposit 5,493,600 Cash 5,493,600 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record the cost and installation of machinery. No Date General Journal Debit Credit 1 Jul 25 Machinery 941,760 Cash 941,760 x Answer is not complete. 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' 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 0.70 Tonnage 403,000 Depletion expense $ 282,100 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. No Date General Journal Debit Credit 1 Dec. 31 Depletion expense-Mineral deposit 282,100 V Accumulated depletion-Mineral deposit 282,100 * Answer is not complete. 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 0.12 V Tonnage 403,000 Depreciation expense $ 48,360 x Answer is not complete. 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. No Date General Journal Debit Credit 1 Dec. 31 Depreciation expense-Machinery 48,360 Accumulated depreciation-Machinery 48,360
