On July 23 of the current year, Dakota Mining Co. pays $6,492,240 for land estimated to contain 9,144,000 tons of recoverable ore. It installs and pays for machinery costing $1,280,160 on July 25. The company removes and sells 468,250 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Prepare entries to record the following: (a) To record the purchase of the land. (b) To record the cost and installation of machinery.
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On July 23 of the current year, Dakota Mining Co. pays $6,492,240 for land estimated to contain 9,144,000 tons of recoverable ore. It ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Business » On July 23 of the current year, Dakota Mining Co. pays $6,492,240 for land estimated to contain 9,144,000 tons of recoverable ore. It installs and pays for machinery costing $1,280,160 on July 25.