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need some help please Exercise 8-18 Depletion of natural resources LO...

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Accounting

need some help please
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Exercise 8-18 Depletion of natural resources LO P3 Montana Mining Co. pays $3,321,070 for an ore deposit containing 1,542,000 tons. The company installs machinery in the mine costing $172,300, which will be abandoned when the ore is completely mined. Montana mines and sells 185,900 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.) View transaction list Journal entry worksheet 1 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal

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