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Record the year-end adjusting entry for depletion expense

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Question - Montana Mining Co. pays $4,904,390 for an ore deposit containing 1,522,000 tons. The company installs machinery in the mine costing $154,900, which will be abandoned when the ore is completely mined. Montana mines and sells 132,400 tons of ore during the year.

Make 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.

Record the year-end adjusting entry for the depletion expense of ore mine.

Record the year-end adjusting entry for the depreciation expense of the mining machinery.

Reference no: EM132800415

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