(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
On April 2, 2017, Montana Mining Co. pays $3,933,840 for an ore deposit containing 1,466,000 tons....
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...
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...
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...
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...
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...
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...
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...
On April 2, 2017, Montana Mining Co. pays $3,407,370 for an ore deposit containing 1,415,000 tons. The company installs machinery in the mine costing $222,000, 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 131,700 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit depletion...
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...
On April 2, 2017, Montana Mining Co. pays $3,118,290 for an ore deposit containing 1,402,000 tons. The company installs machinery in the mine costing $169,200, 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 166,600 tons of ore during the remaining eight months of 2017. Prepare the December 31, 2017, entries to record both the ore deposit...