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On July 23 of the current year, Dakota Mining Company pays $7,310,640 for land estimated...

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Accounting

On July 23 of the current year, Dakota Mining Company pays $7,310,640 for land estimated to contain 8,808,000 tons of
recoverable ore. It installs and pays for machinery costing $792,720 on July 25. The company removes and sells 452,500
tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in
proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Problem 10-7A (Algo) Part 1-4
Required:
Prepare entries to record the following.
(a) The purchase of the land.
(b) The cost and installation of machinery.
(c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
(d) The first five months' depreciation on the machinery.
Complete this question by entering your answers in the tabs below.
Record the first five months' depreciation on the machinery.
Note: Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.
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