Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 8-18 depletion of natural resources lo p3

Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $4,097,060 for an...

70.2K

Verified Solution

Question

Accounting

image
Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $4,097,060 for an ore deposit containing 1,581,000 tons. The company installs machinery in the mine costing $209,000, which will be abandoned when the ore is completely mined. Montana mines and sells 136,100 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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

GEOMETRY Identifying su Give one pair of supp

Statistics
1.2K views

A research facility is evaluating five different processes of extracting starch from corn flour. The percent yield...

Statistics
1.2K views

How to calculate the P(A|B) of a 8 sided die that is rolled one time? Event A...

Electrical Engineering
1.2K views

A semiconductor diode, the forward and reverse characteristics of which can be considered ideal, is used...

Algebra
1.2K views

Question 4 2 points The function f x a c is graphed at the right...

Algebra
1.2K views

2x 4x48 0 Select all of the correct solutions You may choose more than one...

Accounting
1.2K views

Which of the following investments need not be tested for Multiple Choice FVOCl bond investments...

Accounting
1.2K views

Crane Company wants to produce and sell a new flavored water. In order to penetrate...

Accounting
1.2K views

The company has 50,000 authorized shares and 10,000 issued & outstanding shares with P 100...

Finance
1.2K views

Otondo , a currency trader in East African Community, has ksh 400,000. He wishes to...

Finance
1.2K views

what is the current yield of a typicak corporate bond with quarterly coupon payments, a...

Finance
1.2K views

The expected return for the overall market portfolio is 0.071 and the current T-bill rate...