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Prepare the year-end entries to record deposit depletion

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Question - Montana Mining Co. pays $3,756,130 for an ore deposit containing 1,440,000 tons. The company installs machinery in the mine costing $224,900, which will be abandoned when the ore is completely mined. Montana mines and sells 156,900 tons of ore during the year. Prepare the year-end 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.

Reference no: EM133071712

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