Montana Mining Company pays $3,478,510 for an ore deposit containing 1,560,000 tons. The company installs machinery in the mine costing $239,200. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 169,200 tons of ore during the year. Prepare the December 31 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. Note: Do not round intermediate calculations. Round your final

Montana Mining Company pays $3,478,510 for an ore deposit containing 1,560,000 tons. The company installs machinery in the mine costing $239,200. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 169,200 tons of ore during the year. Prepare the December 31 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. Note: Do not round intermediate calculations. Round your final

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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How did they get the depreciation expense and the accumulated depreciation equipment amount on the journalize adjusting entry
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Riverbed Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $118,000 and building $50,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) Proceeds from salvage of demolished building $ $ Land…
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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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The entry to record depreciation includes a debit to the ________ account. A. Depreciation Expense B. Cash C. Equipment D. Accumulated Depreciation
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…
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…
The cost of supplies (materials) used to test new equipment would be debited to which of the following accounts? a. Buildings Ob. Land c. Land Improvements Od. Machinery and Equipment
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…
please answser 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 Gain on Disposal of Machinery Gain on…