Montana Mining Company pays $4,203,370 for an ore deposit containing 1,538,000 tons. The company installs machinery in the mine costing $229,000. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 134,500 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. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet < 1 2

Q: 26 The process of measuring, monitoring, and minimizing prevention, appraisal, internal failure, and…

A: Prevention cost is amount of expense incurred to reduce defects in products and services.

Q: The answer is somewhat close. The correct answer is 6.8810.

A: Given: Value of call = $1.44 Strike price = $25.60 Value of shares = $20 Interest rate = 2.5%…

Q: P12.2 (c)

A: Ending Retained Earnings  = Beginning Retained Earnings  + Net income - dividend declared…

Q: 6600 is not the answer

A: Child Tax Credit is $3,600 for children aged 6 and Under at end of 2021 Child Tax Credit is $3,000…

Q: 321,818 is incorrect. What is the correct answer?

A: Revenue: We consider unit sales and price per unit to determine total revenue.Variable Costs: Based…

Q: I don't understand where the number 19.88798 comes from

A: In this question we are provided with the factor table. Hence we will have to use the values in the…

Q: BE.09.09 Fixed asset turnober ratio 20Y5, 20Y4

A: Fixed Assets Turnover Ratio:- It measures how well a company is using Fixed assets to generate…

Q: Explanation 1031 like-kind exchange

A:

Q: 605.53 is not the correct answer, please double check

A: Traditional Model &amp; Expected Cash Flow Model: Traditional Approach - In the traditional…

Q: tis the value of (F/G 1. 9.4136 30.7297

A: Given information :

Q: Carefully explain the cross-sectional test of the CAPM.

A: The Capital Asset Pricing Model (CAPM) is a mathematical model that describes the relationship…

Q: The answer is somewhat close. The right answer is 1.5337 Please clarify

A: Stock price is $50 Strike price is $52 Risk free rate is 1% Time period is 3 months To Find: Value…

Q: E14.3 (b)

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: An example of an appraisal cost would be: O Scrap O Process or product design O Product recalls O…

A: Cost of Good Quality is incurred in order to reduce the Cost of Poor Quality, so that overall Cost…

Q: 1. Audit evidence and reliability 2. Indicative going concern factors

A: Audit evidence is the information collected and used to support audit findings. It provides a…

Q: 1,525,394 is the wrong answer. what is the correct one?

A: The recovery of net working capital (NWC) refers to the return of funds initially tied to current…

Q: Write the formula for the present value. 12 3 6 1 2 3 nnn-2 + n n+1 7+2 20-1

A: The concept of present value states that money today is more valuable than money tomorrow. In other…

Q: 6. Gain realized on a like-kind exchange is excluded from income in all of the following…

A: correct answer with explanation are as follows

Q: 1000 x (1+r)"

A: Given: PV = 1,000, r = 0.089, n = 13 Formula: V*(1+r)^n

Q: What is FASB ASC Topic 842 about?

A: FASB ASC is the authoritative source of U.S. Generally Accepted Accounting Principles (GAAP)…

Q: Where does 4.0312, 2.9931, and 3.5431 came from? Can you explain?

A: 4.0312,2.9931 and 3.5431 are PV of annuity factors. To determine the equivalent annual saving(EAS,…

Q: 14. Determine the numerical value of the factor (F/A, 5%, 10). A 0.1295 B 0.0795 12.5779 D 7.7217

A: Future value is the value of a certain sum of money in the future. The future value of the annuity…

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.