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Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $4,289,790 for an...

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Accounting

Exercise 8-18 Depletion of natural resources LO P3

Montana Mining Co. pays $4,289,790 for an ore deposit containing 1,516,000 tons. The company installs machinery in the mine costing $206,300, which will be abandoned when the ore is completely mined. Montana mines and sells 159,300 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 mines depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

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Journal entry worksheet 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 Record entry Clear entry View general journal Journal entry worksheet 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 Record entry Clear entry View general journal

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