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  3. on april 2, 2017, montana mining co. pays $3,143,9

On April 2, 2017, Montana Mining Co. pays $3,143,950 for an ore deposit containing 1,538,000...

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Accounting

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On April 2, 2017, Montana Mining Co. pays $3,143,950 for an ore deposit containing 1,538,000 tons. The company installs machinery in the mine costing $199,700, with an estimated completely mined. Montana begins mining on May 1, 2017, and mines and sells 182,400 tons of ore during the remaining eight months of 2017ery will be abandoned when the ore i Prepare the December 31, 2017, 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 ore mine. Note: Enter deblts before credits. Date General Journal Debit Credit Dec 31 View general journal Record entry Clear entry Journal entry worksheet 1 2 Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. General Journal Debit Date Credit Dec 31 Record entry Clear entry View general journal

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