Edt View Mistory Bookmarks Window Help Ex 8.18 Help Save & Exi Exercise 8-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $4,539,380 for an ore deposit containing 1435,000 tons. The company installs machinery in the mine costing $218,900, with an estimated seven-year ife 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 168,500 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.) Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before General Jounal 2 3 4 5 6 8