Requlred Information
Problem A Algo Natural resources LO P
The following information applies to the questions displayed below
On July of the current year, Dakota Mining Company pays $ for land estimated to contain tons of recoverable ore. It installs and pays for machinery costing $ on July The company removes and sells tons of ore during its first five months of operations ending on December Depreclation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Problem A Algo Part
Requlred:
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' depreclation on the machinery.
Complete this question by entering your answers in the tabs below.
Journal entry worksheet
