Montana Mining Co. pays $4,020,970 for an ore deposit contalning 1,559,000 tons. The company Installs machinery In themine costing $22000, which will be abandoned when the ore is completely mined. Montana mines and sells 131,600 tons ofore during the year.Prepare the year-end entries to record both the ore deposit depletlon and the mining machinery depreciation. Miningmachinery depreclation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round yourfinal answers to the nearest whole number.)Vlew transaction llatJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JourmalDebitCreditDec 31Record entryClear entryVlew general journal Garcla Co. owns equlipment that cost $77,600, with accumulated depreclation of $41.200.Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1)$47,600 cash. (2) $36,400 cash, and (3) $31.,300 cash.Vlew transaction IlatJournal entry worksheetARecord the sale of equipment assuming Garcia sells the equipment for $47,600cash.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryVlew general journal

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Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...

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