Montana Mining Company pays $4,203,370 for an ore deposit containing 1,538,000 tons. The company installs machinery in the mine costing $229,000. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 134,500 tons of ore during the year. Prepare the December 31 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

Montana Mining Company pays $4,203,370 for an ore deposit containing 1,538,000 tons. The company installs machinery in the mine costing $229,000. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 134,500 tons of ore during the year. Prepare the December 31 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

Name: Kk.229. Montana Mining Company pays $4,203,370 for an ore deposit cont
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Description: Kk.229. Montana Mining Company pays $4,203,370 for an ore deposit containing 1,538,000tons. The company installs machinery in the mine costing $229,000. Both the ore andmachinery will have no salvage value after the ore is completely mined. Montanami

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11PA: Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and...

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