Montana Mining Co. pays $4,020,970 for an ore deposit contalning 1,559,000 tons. The company Installs machinery In themine costing $22000, which will be abandoned when the ore is completely mined. Montana mines and sells 131,600 tons ofore during the year.Prepare the year-end entries to record both the ore deposit depletlon and the mining machinery depreciation. Miningmachinery depreclation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round yourfinal answers to the nearest whole number.)Vlew transaction llatJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JourmalDebitCreditDec 31Record entryClear entryVlew general journal Garcla Co. owns equlipment that cost $77,600, with accumulated depreclation of $41.200.Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1)$47,600 cash. (2) $36,400 cash, and (3) $31.,300 cash.Vlew transaction IlatJournal entry worksheetARecord the sale of equipment assuming Garcia sells the equipment for $47,600cash.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryVlew general journal

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Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Account, Labels and amount descriptions _____________________ •According received •Accumulated deprecating- equipment •Cash •Equipment •Finished goods •Materials •Prepaid insurance •Supplies •Work in progress •Labels •August 31 •For the month ended august 31 •Current assets •Inventories •Amount descriptions •Total inventories •Total current assets
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Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Tools and Dies Accumulated Impairment Losses - Vehicles Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures…
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