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On April 2, 2017, Montana Mining Co. pays $3,933,840 for an ore deposit containing 1,466,000 tons. The company installs machiOn April 2, 2017, Montana Mining Co. pays $3,933,840 for an ore deposit containing 1,466,000 tons. The company installs machi

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Answer #1

(1)

Date General Journal Debit Credit
Dec 31 Depletion Expense-Mineral deposit $437660
Accumulated Depletion-Mineral Deposit
$437660 (Being depletion expense recorded)

(1)

Date General Journal Debit Credit
Dec 31 Deprecation Expense-Machinery $23542
Accumulated Depreciation-Machinery $23542
(Being depreciation expense recorded)

Explanations :-

To record depletion: [$3933840/ 1466000 tons *163100 tons = $437660

To record depreciation: [$211600/ 1466000 tons *163100 tons = $23542

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