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Secure https://new onnect.mheducation.com flow connect htmlisReg true&returnUrl; https%3A%2F%2Fconnect.mheducation.com%2Fpaamweb%2Findex.htm 23%2Fregistra HAPTER 8 HOMEWORK G Saved 12 On April 2, 2017, Montana Mining Co. pays $3,315,990 for an ore deposit containing 1,581,000 tons. The company installs machinery in the mine costing $218,200, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2017, and mines and sells 171,900 tons of ore during the remaining eight months of 2017 10 points Prepare the December 31, 2017, entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.) eBook Hint Print References View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date General Journal DebitCredit Dec 31 Depletion expense-Mineral deposit Accumulated depletion-Mineral deposit Mc Graw

Explanation / Answer

Date General Journal Debit Credit 31-Dec Depletion expense—Mineral deposit 360,543 =3315990/1581000*171900 Accumulated depletion—Mineral deposit 360,543 31-Dec Depreciation expense—Machinery 23,725 =218200/1581000*171900 Accumulated depreciation—Machinery 23,725

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