cesMontana Mining Company pays $4,834,810 for an ore deposit containing 1,554,000 tons. The company installs machinery in the minecosting $237,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells187,200 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 Miningmachinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your finalanswers to the nearest whole number.)View transaction listJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JournalDecember 31 Depletion expense-Mineral depositRecord entryAccumulated depletion-Mineral depositClear entryDebitCreditView general journal cesMontana Mining Company pays $4,834,810 for an ore deposit containing 1,554,000 tons. The company installs machinery in the minecosting $237,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells187,200 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 Miningmachinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your finalanswers to the nearest whole number.)View transaction listJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JournalDecember 31 Depletion expense-Mineral depositRecord entryAccumulated depletion-Mineral depositClear entryDebitCreditView general journal

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Description: cesMontana Mining Company pays $4,834,810 for an ore deposit containing 1,554,000 tons. The company installs machinery in the minecosting $237,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mine

Depreciation is the reduction in the value of tangible asset due to its use or wear and tear.…

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Montana Mining Company pays $4,834,810 for an ore deposit containing 1,554,000 tons. The company installs machinery in the mine costing $237,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 187,200 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. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

Montana Mining Company pays $4,834,810 for an ore deposit containing 1,554,000 tons. The company installs machinery in the mine costing $237,900. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 187,200 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. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

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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