Reference no: EM133128132
Question - On July 23 of the current year, Dakota Mining Company pays $7,161,840 for land estimated to contain 8,232,000 tons of recoverable ore. It installs and pays for machinery costing $1,070,160 on July 25. The company removes and sells 421,750 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Required -
A. Record the cost of the ore mine of $7,161,840 Cash.
B. Record the cost of the ore mine of $1,070,160 Cash.
C. Record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
D. Record the year-end adjusting entry for the depletion expense of ore mine.
E. Record the first five months' depreciation on the machinery.
F. Record the year-end adjusting entry for the depreciation expense of the machinery.
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