Acc225 Fundamental of Accounting Principles: E10-18 On April 2, 2009, Mitzu Mining Co. pays

Acc225 Fundamental of Accounting Principles
E10-18
On April 2, 2009, Mitzu Mining Co. pays $4,398,080 for an ore deposit containing 1,419,000 tons. The company installs machinery in the mine costing $207,400, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Mitzu began mining on May 1, 2009, and mined and sold 135,400 tons of ore during the remaining eight months of 2009.

Prepare the December 31, 2009, 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.
(Round the cost per ton to 2 decimal places. Round your final answers to the nearest whole dollar amount. Omit the "$" sign in your response.)
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