Question: Montana Mining Co . pays $ 3 , 8 7 2 , 5 5 0 for an ore deposit containing 1 , 4 5 6
Montana Mining Co pays $ for an ore deposit containing tons. The compary installs machinery in the mine costing $ which will be abandoned when the ore is completely mined. Montana mines and sells tons of ore during the year.
Prepare the yearend entries to record both the ore deposit depletton and the mining machinery depreciation. Mining machinery depreclation 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 yearend adjusting entry for the depletion expense of ore mine.
Note: Enter dehits before credits.
tableDateGeneral Joumal,Debit,Crestit,Dec
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