Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 23 of the current year, dakota mining comp

On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated...

60.1K

Verified Solution

Question

Accounting

image
On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The company removes and sells 480,000 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 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 ces Complete this question by entering your answers in the tabs below. Required A Required B Required ci Required C2 Required D1 Required D2 Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar) Select formula for Units of Production Depreciation: Calculate Depreciation expense: Depreciation per ton Tonnage Depreciation expense CD 8

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

Measurements of a number of fittings show that the pitch diameter of the thread is...

Basic Math
1.2K views

Studies have shown that the frequency with which shoppers browse Internet retailers is related to the...

Physics
1.2K views

2 10 A man is throwing bricks of mass 2 kg onto a floor of...

Basic Math
1.2K views

solve a triangle SSS Click here to watch the video Solve the triangle if possible...

Calculus
1.2K views

In APQR sin P sin Q 3 and p 15 Find the side lengt Select...

Accounting
1.2K views

Requirement 2: The company has just hired a new...

Accounting
1.2K views

Department G had 2,280 units 25% completed at the...

Accounting
1.2K views

Gray Corp sold a piece of equipment for $1,800,000 that had a book value of...

Accounting
1.2K views

Current Attempt in Progress The adjusted account balances of Cullumber Centre at July 31 are...

Accounting
1.2K views

please answer all budgeted antes ieliran sceount) Required: Required: 1....

Accounting
1.2K views

Can you assist with the part 2 calculations for Case 3 and Case 4? ...

Accounting
1.2K views

PLEASE NOTE 12 QUESTIONS WITHIN W.F. Prince Bond Financing Case W. F. Prince is a...