On April 2, 2016, Montana Mining Co. pays $4,161,990 for an ore
deposit containing 1,576,000 tons. The company installs machinery
in the mine costing $219,400, with an estimated seven-year life and
no salvage value. The machinery will be abandoned when the ore is
completely mined. Montana begins mining on May 1, 2016, and mines
and sells 157,500 tons of ore during the remaining eight months of
2016. Prepare the December 31, 2016, entries to record both the ore
deposit depletion...