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On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated...

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Accounting

On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The company removes and sells 480,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mines 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.

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