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  3. montana mining company pays $4,863,320 for an ore

Montana Mining Company pays $4,863,320 for an ore deposit containing 1,442,000 tons. The company installs...

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Accounting

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Montana Mining Company pays $4,863,320 for an ore deposit containing 1,442,000 tons. The company installs machinery in the mine costing $174,200. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 136,900 tons of ore during the yeat. 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. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits

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