Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. montana mining co. pays $4,272,720 for an ore depo

Montana Mining Co. pays $4,272,720 for an ore deposit containing 1,485,000 tons. The company installs...

70.2K

Verified Solution

Question

Accounting

Montana Mining Co. pays $4,272,720 for an ore deposit containing 1,485,000 tons. The company installs machinery in the mine costing $206,200, which will be abandoned when the ore is completely mined. Montana mines and sells 142,000 tons of ore during the year. Prepare the year-end entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mines depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

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

Q

Solve this differential equation: 9x - 7i > 3(3x - 7u) Please provide detailed solution

Basic Math
Q

Imagine a new book that is to be released. Construct the attributes (i.e., the value of...

Statistics
Q

1. What are some of the common sources of stress? - explain role theory? -explain exhaustion of...

Economics
Q

How much would you have to deposit in an account with a 6 5 interest...

Algebra
Q

Find the center, vertices and foci of the hyperbola described by the following equation.(x +...

Algebra
Q

Calculating Ratios and Estimating Credit Rating The following data...

Accounting
Q

23 Question 10 of 10 0.53/1 Ivanhoe Roofing is faced...

Accounting
Q

A stock has a beta of 0.5 and an expected return of 11.4 percent. A...

Accounting
Q

QUESTION 4 Certain events occurred in Platinum Bhd during the year ended 30 June 2016...

Accounting
Q

eBook Sales Budget Assume that Stillwater Designs produces two automotive subwoofers: S12L7 and S12L5. The...

Accounting
Q

Please help me with the requirements and show me where you got the calculations for...

Accounting
Q

assume the underlying asset is a stock worth $55 today. Also assume the following spot...

Finance