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Exercise 8-18 Depletion of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $4.116,360 for an ore deposlt contalning 1,463,000 tons. The company Installs machinery In completely mined. Montana begins mining on May 1, 2017, and mines and sells 155.800 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 depreclation. Mining machlnery depreclation should be In proportion to the mine's depletion. (Do not round Intermedlate calculations. Round your final answers to the nearest whole number.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine Note: Enter devis before cred Date General Journal Debit Credit Clear entry Record entry View generaljoumal Exercise 8-18 Depletlon of natural resources LO P1, P3 On April 2, 2017, Montana Mining Co. pays $4.116,360 for an ore deposlt contalning 1463,000 tons. The company Installs machinery In the mine costing $193,900, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore ls completely mined. Montana beglns mining on May 1, 2017, and mines and sells 155,800 tons of ore during the remaining eight months Prepare the December 31, 2017, entries to record both the ore deposlt depletion and the mining machlnery depreclation. 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.) View transacion ist Journal entry worksheet 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter devis before cred Date Debit Credit General Journal Record entry Clear entry View genral journal

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