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Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000....

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Accounting

Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized development costs total $133,500. After the mine is depleted, $77,500 will be spent to restore the property, after which it can be sold for $160,000. Monty estimates that 5,000 tonnes of ore can be mined.

Assuming that 850 tonnes are extracted in the first year,

Make the journal entry to record depletion.

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