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Montana Mining Company pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs...

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Accounting

Montana Mining Company pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing $213,500. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 166,200 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 mines depletion. (Round your unit depreciation and depletion rates to 2 decimal places.)

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