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Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $8,300,160 for land estimated to contain 9,432,000 tons of recoverable ore. It installs and pays for machinery costing $1,886,400 on July 25 . The company removes and sells 486,500 tons of ore during its first five months of operations ending on December 31 . Depreciation of the machinery 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 is not complete. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the purchase of the land. Prepare the journal entry to record the cost and installation of machinery. Record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (Round your "Depletion per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Prepare the journal entry to record depletion of the Mineral deposit at December 31 . (Round your "Depletion per ton" ans to 2 decimal places and round all other answers to the nearest whole dollar.) Record the first five months' depreciation on the machinery. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.) Prepare the journal entry to record depreciation of the machine at December 31. (Round your "Depreciation per ton" answer to 2 decimal places and round all other answers to the nearest whole dollar.)

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