Montana Mining Co. pays $3,926,550 for an ore deposit containing 1,572,000 tons. The company installs machinery in the mine costing $152,400, which will be abandoned when the ore is completely mined. Montana mines and sells 145,700 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 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Clear entry View genoral Journal Record entry

Montana Mining Co. pays $3,926,550 for an ore deposit containing 1,572,000 tons. The company installs machinery in the mine costing $152,400, which will be abandoned when the ore is completely mined. Montana mines and sells 145,700 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 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Clear entry View genoral Journal Record entry

Name: Montana Mining Co. pays $3,926,550 for an ore deposit containing 1,57
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Description: Montana Mining Co. pays $3,926,550 for an ore deposit containing 1,572,000 tons. The company installs machinery in the minecosting $152,400, which will be abandoned when the ore is completely mined. Montana mines and sells 145,700 tons of ore during

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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