Montana Mining Company pays $3,095,610 for an ore deposit containing 1,573,000 tons. The company installs machinery...

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Montana Mining Company pays $3,095,610 for an ore deposit containing 1,573,000 tons. The company installs machinery in the mine costing $165,600. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 169,500 tons of ore during the year. Prepare the December 31 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.) View transaction list View journal entry worksheet geng Sess No General Journal Debit Date Credit 1 December 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit 2 December 31 Depreciation expense-Machinery Accumulated depreciation Machinery 1 333,915 17,798 333,915 17,798 Montana Mining Company pays $3,095,610 for an ore deposit containing 1,573,000 tons. The company installs machinery in the mine costing $165,600. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 169,500 tons of ore during the year. Prepare the December 31 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.) View transaction list View journal entry worksheet geng Sess No General Journal Debit Date Credit 1 December 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit 2 December 31 Depreciation expense-Machinery Accumulated depreciation Machinery 1 333,915 17,798 333,915 17,798

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No Date General Journal Debit Credit 1 333570 Dec31 Depletion Expe... View the full answer