! Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $8,027,760 for land estimated to contain 9,672,000 tons of recoverable ore. It installs and pays for machinery costing $773,760 on July 25. The company removes and sells 499,500 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. View transaction list Journal entry worksheet 1 Record the cost of the ore mine of $8,027,760 cash. Note: Enter debits before credits. Date July 23 General Journal Debit Credit Record entry Clear entry View general journal < Required A Required B >
! Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $8,027,760 for land estimated to contain 9,672,000 tons of recoverable ore. It installs and pays for machinery costing $773,760 on July 25. The company removes and sells 499,500 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. View transaction list Journal entry worksheet 1 Record the cost of the ore mine of $8,027,760 cash. Note: Enter debits before credits. Date July 23 General Journal Debit Credit Record entry Clear entry View general journal < Required A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
On July 23 of the current year, Dakota Mining Company pays $8,027,760 for land estimated to contain 9,672,000 tons of
recoverable ore. It installs and pays for machinery costing $773,760 on July 25. The company removes and sells 499,500
tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in
proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Required:
Prepare entries to record the following.
(a) The purchase of the land.
(b) The cost and installation of machinery.
(c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
(d) The first five months' depreciation on the machinery.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C1 Required C2 Required D1 Required D2
Prepare the journal entry to record the purchase of the land.
View transaction list
Journal entry worksheet
1
Record the cost of the ore mine of $8,027,760 cash.
Note: Enter debits before credits.
Date
July 23
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7cb78245-af08-4333-90a7-1fd428670c1e%2F61fb481a-e6bd-4897-9a95-2255be379d9e%2Fh1albg_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
On July 23 of the current year, Dakota Mining Company pays $8,027,760 for land estimated to contain 9,672,000 tons of
recoverable ore. It installs and pays for machinery costing $773,760 on July 25. The company removes and sells 499,500
tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in
proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Required:
Prepare entries to record the following.
(a) The purchase of the land.
(b) The cost and installation of machinery.
(c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
(d) The first five months' depreciation on the machinery.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C1 Required C2 Required D1 Required D2
Prepare the journal entry to record the purchase of the land.
View transaction list
Journal entry worksheet
1
Record the cost of the ore mine of $8,027,760 cash.
Note: Enter debits before credits.
Date
July 23
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
< Required A
Required B >
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