Dec 31 | Depletion expense - ore mine | 461,939 | |
Accumulated depletion - ore mine | 461,939 | ||
(4,788,910/1,469,000)*141,700 | |||
Dec 31 | Depreciation expense - mining machinery | 21,096 | |
Accumulated Depreciation - mining mac | 21,096 | ||
(218,700/1,469,000)*141,700 | |||
I have rounded some numbers. Comment if you face any issues
Chapter 08 Homework i Saved 12 On April 2. 2018, Montana Mining Co. pays $4,788,910 for...
On April 2, 2017, Montana Mining Co. pays $3,933,840 for an ore deposit containing 1,466,000 tons. The company installs machinery in the mine costing $211,600, 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, 2017, and mines and sells 163,100 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017, entries to record both the ore deposit depletion...
Montana Mining Co. pays $4,583,990 for an ore deposit containing 1,482,000 tons. The company installs machinery in the mine costing $227,500, which will be abandoned when the ore is completely mined. Montana mines and sells 168,300 tons of ore during the year Prepare the 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...
6. On April 2, 2017, Montana Mining Co. pays $4,017,260 for an ore deposit containing 1,480,000 tons. The company installs machinery in the mine costing $238,600, 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, 2017, and mines and sells 164,100 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore...
Exercise 10-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $4.755,880 for an ore deposit containing 1,518,000 tons. The company installs machinery in the mine costing $153,500, 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, 2017, and mines and sells 166,100 tons of ore during the remaining eight months of 2017 Hint Prepare the December...
On April 2, 2017, Montana Mining Co, pays $3,708,390 for an ore deposit containing 1.558,000 tons. The company installs machinery in the mine costing $212,300, 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, 2017, and mines and sells 172,600 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017, entries to record both the ore deposit depletion...
Exercise 10-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $4,977,890 for an ore deposit containing 1,402,000 tons. The company installs machinery in the mine costing $248,500, 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, 2017, and mines and sells 165,800 tons of ore during the remaining eight months of 2017. Prepare the December...
On April 2, 2017, Montana Mining Co. pays $3,286,630 for an ore deposit containing 1,513,000 tons. The company installs machinery in the mine costing $180,800, 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, 2017, and mines and sells 183,600 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit...
10 On April 2, 2017, Montana Mining Co. pays $3,606,280 for an ore deposit containing 1,496,000 tons. The company installs machinery in the mine costing $186,000, 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, 2017, and mines and sells 175,400 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017, entries to record both the ore deposit...
On April 2, 2017, Montana Mining Co. pays $3,289,360 for an ore deposit containing 1,474,000 tons. The company installs machinery in the mine costing $224,600, 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, 2017, and mines and sells 137,600 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit...
On April 2, 2017, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing $213,500, 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, 2017, and mines and sells 166,200 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit depletion...