services Sign On\', Course Horne Aplia: Student Cours 4x.11--5. Inequalit Other

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services Sign On', Course Horne Aplia: Student Cours 4x.11--5. Inequalit Other book value 3.33 points On April 2, 2016, Montana Mining Co pays $4,505,980 for an ore deposit containing 1,456,000 tons. The company instals machinery in the mine costing $211,100, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2016, and mines and sells 185,200 tons of ore during the remaining eight months of 2016 Prepare the December 31, 2016, 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 Record the year-end adjusting entry for the depletion expense of ore mine Note: Enter debits before credits. General Journal Debit Dec 31 Record entry Clear entry View general journal References eBook &Resources;

Explanation / Answer

Date General Journal Debit Credit 1 31-Dec Depreciation (Ore deposit)-4505980/1456000*185200 $        573,151 Accumulated depreciation $        573,151 2 31-Dec Depreciation (Mining Machinery)-211100/1456000*185200 $          26,851 Accumulated depreciation $          26,851

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