1. Business
  2. Accounting
  3. ctmheducati flowconnecthtml help saveampexit subn check my work problem 107a...

Question: ctmheducati flowconnecthtml help saveampexit subn check my work problem 107a...

Question details

ct.mheducati /flow/connect.html Help Save&Exit Subn Check my work Problem 10-7A Natural resources LO P3 On July 23 of the current year, Dakota Mining Co. pays $7,390,320 for land estimated to contain 8,904,000 tons of recoverable ore. It installs machinery costing $801.360 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 458.250 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. (Do not round your intermediate calculations. Round Depletion per ton to two decimal places and round all other answers to the nearest whole dollar.) (a) To record the purchase of the land. (b) To record the cost and installation of machinery (c) To record the first five months depletion assuming the land has a net salvage value of zero after the ore is mined (d) To record the first five months depreciation on the machinery Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required DRequired D2 To record the purchase of the land.
(aj to recora tne nirst Tive montns aepreciation on the machinery Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 то of the land Journal entry worksheet Record the cost of the ore mine of $7,390,320 cash. Jul 23 Prex 2 of 2 Next
Complete this question by entering your answers in the tabs below. Required ARequired B Required C1 Required C2 Required D1 Required D2 ok To record the cost and installation of machinery nt View transaction list nces Journal entry worksheet Record the cost of the machinery of $801,360 cash. Note: Enter debits before credits. Date Debit Credit Jul 25 Prev2 of 2 Next
0 Natural Resources (d) To record the first five months depreciation on the machinery To record the first five months depletion assuming the land has a net salvage value of zero after the ore is mined. per ton Required B
Natural Re es 31. View t Journal entry worksheet Record the year-end adjusting entry for the depletion expense of ore mine Date Dec 31
(d) To record the first five months depreciation on the machinery Complete this question by entering your answers in the tabs below. Required A Required B Required C1Required C2 Required D1 Required D2 To record the first five months depreciation on the machinery Calculate Depreciation expense Depreciation per ton Tonnage Depreciation expense < Required C2 Required D2>
Complete this question by entering your answers in the tabs below Required ARequired B Required C1 Required C2 Required D1 Required D2 To record depreciation of the machine at December 31. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the machinery. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution