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  3. montana mining company pays $4,409,060 for an ore

Montana Mining Company pays $4,409,060 for an ore deposit containing 1,549,000 tons. The company installs...

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Accounting

Montana Mining Company pays $4,409,060 for an ore deposit containing 1,549,000 tons. The company installs machinery in the mine
costing $199,500. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells
186,900 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.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole number.
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