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Montana Mining Co. pays $4,946,640 for an ore deposit containing 1,486,000 tons. The company installs...

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Accounting

Montana Mining Co. pays $4,946,640 for an ore deposit containing 1,486,000 tons. The company installs machinery in the mine costing $248,000, which will be abandoned when the ore is completely mined. Montana mines and sells 184,000 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.

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