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 $6,745,200 for land estimated...

70.2K

Verified Solution

Question

Accounting

On July 23 of the current year, Dakota Mining Company pays $6,745,200 for land estimated to contain 8,760,000 tons of recoverable ore. It installs and pays for machinery costing $788,400 on July 25. The company removes and sells 451,750 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.

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

As we approach the mid-way point of this course, review and reflect on what we have learned...

Finance
Q

Compare the F and Hfr transfer.

Biology
Q

The Walt Disney company’s intrinsic value for 2018 using the discount valuation techniques Calculate the Intrinsic Value...

Finance
Q

Medi Corp is a corporation that deals in the manufacturing of medical devices. It has just...

Psychology
Q

We know moving charges are what produces an electrom agnetic field But we know the...

Physics
Q

3 Does the relation is perpendicular to have a reflexive prop erty consider line A...

Geometry
Q

Clever Computers has a five-day workweek and pays the office staff $3,050 each week. If...

Basic Math
Q

Which of the following statements is not true Choose the correct answer O A The...

Calculus
Q

On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription...

Accounting
Q

Prepare adjusting journal entries as needed, considering the account balances excerpted from the unadjusted trial...

Accounting
Q

Contemporary furniture manufactures office desks. The company budgeted to sell 5,000 desks at $200.00 per...

Accounting
Q

Bond A is a semi-annual coupon bond that has a face value of $1000, a...

Finance