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 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.)
1
Record the year-end adjusting entry for the depletion expense of ore mine.
2
Record the year-end adjusting entry for the depreciation expense of the mining machinery.
On April 2, 2017, Montana Mining Co. pays $3,289,360 for an ore deposit containing 1,474,000 tons....
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 $3,708,390 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 $3,933,840 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...
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...
On April 2, 2017, Montana Mining Co. pays $4,364,740 for an ore deposit containing 1,489,000 tons. The company installs machinery in the mine costing $150,600, 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 184,600 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 $4,159,740 for an ore deposit containing 1,516,000 tons. The company installs machinery in the mine costing $216,200, 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 180,400 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 $3,119,050 for an ore deposit containing 1,411,000 tons. The company installs machinery in the mine costing $156,300, 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 181,100 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 $3,118,290 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 depletion...