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Required information Problem 8-7A Natural resources LO P3 The following information applies to the questions displayed below) On July 23 of the current year, Dakota Mining Co. pays $6,475,200 for land estimated to contain 8,520,000 tons of recoverable ore. It installs and pays for machinery costing $937,200 on July 25. The company removes and sells 438,250 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. Problem 8-7A Part 1-4 Required: Prepare entries to record the following (Do not round your intermediate calculations. Round "Depletion per ton" to two decimal places and round all other answers to the nearest whole dollar) (a) The purchase of the land. (b) The cost and installation of machinery (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore Is mine (d) The first five months' depreciation on the machinery Complete this question by entering your answers in the tabs below. 0 Required information Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record the purchase of the land. View transaction list Journal entry worksheet Saved Required information Required A Required B Required i Required cz Required D1 Required D2 Prepare the journal entry to record depletion of the Mineral deposit at December 31. View transaction list Journal entry worksheet 3 Saved Required information Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to record depreciation of the machine at December 31. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery Note: Enter debits before credits. Date General Journal Debit Credit Dec 31