Montana Mining Co. pays $3.776,180 for an ore deposit containing 1,532,000 tons. The company installs machinery...

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Montana Mining Co. pays $3.776,180 for an ore deposit containing 1,532,000 tons. The company installs machinery in the mine costing $163,200, which will be abandoned when the ore is completely mined. Montana mines and sells 153,000 tons of ore during the year. Prepare the year-end 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.) Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit Milano Gallery purchases the copyright on a painting for $300,000 on January 1. The copyright is good for 12 more years. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Depreciation expense-Machinery Accumulated depreciation-Machinery Record the purchase of the copyright on a painting for $300,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record the year-end adjusting entry for the amortization expense of the copyright. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Montana Mining Co. pays $3.776,180 for an ore deposit containing 1,532,000 tons. The company installs machinery in the mine costing $163,200, which will be abandoned when the ore is completely mined. Montana mines and sells 153,000 tons of ore during the year. Prepare the year-end 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.) Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit Milano Gallery purchases the copyright on a painting for $300,000 on January 1. The copyright is good for 12 more years. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Depreciation expense-Machinery Accumulated depreciation-Machinery Record the purchase of the copyright on a painting for $300,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record the year-end adjusting entry for the amortization expense of the copyright. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

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1 Depletion Depletion quantity Depletion rate per time 187300 3439910 1452000 443729 Journal ... View the full answer