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Requlred Information Problem 8-7A (Algo) Natural resources LO P3 [The following information...

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Accounting

Requlred Information
Problem 8-7A (Algo) Natural resources LO P3
[The following information applies to the questions displayed below]
On July 23 of the current year, Dakota Mining Company pays $7,074,000 for land estimated to contain 9,432,000 tons of recoverable ore. It installs and pays for machinery costing $1,037,520 on July 25. The company removes and sells 484.250 tons of ore during its first five months of operations ending on December 31. Depreclation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Problem 8-7A (Algo) Part 1-4
Requlred:
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' depreclation on the machinery.
Complete this question by entering your answers in the tabs below.
Journal entry worksheet
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