Chapter 8 Homework 6 Help Save&Exit Submit 9 Check my work Exercise 8-18 Depletion of natural resources LO P1, P3 7.69 points On April 2, 2017, Montana Mining Co. pays $3,164640 for an ore deposit containing 1.520,000 tons. The company installs machinery in the mine costing $207,300, with an estimated seven-year life and no salvage value. The machinery will be completely mined. Montana begins mining on May 1, 2017, and mines and sells 174.700 tons of ore during the remaining eight months of 2017 Prepare the December 31, 2017, entries to record both the ore depost machinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round entries to record both the ore deposit depletion and the mining machinery depreciation. Mining answers to the nearest whole number.) ransaction list Print ournal entry worksheet References Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Dec 31