mining co prepare the cost and installation of machinery

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On July 23 of the Current Year Dakota Mining Co Pays ,

On July 23 of the current year, Dakota Mining Co pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore It installs machinery costing $410,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in 8 years The machinery is paid for on July 25, seven days before mining operations begin...

3 CALCULATION OF MACHINE RATES

Most manufacturers of machinery supply data for the cost of owning and operating their equipment that will serve as the basis of machine rat However, such data usually need modification to meet specific conditions of operation, and many owners of equipment will prefer to prepare their own rat 32 Classification of Costs...

Solved: Installs Machinery Costing $683,760 That Has A 10 ,

installs machinery costing $683,760 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years The machinery is paid for on July 25, seven days before mining operations begin The company removes and sells 503,750 tons of ore during its first five months of operations ending on December 31...

How to Calculate Equipment Cost | Bizfluent

The cost of equipment for a company is simply how much the company paid for the equipment However, if this information is not readily available, it is possible to calculate the cost of equipment using a company's balance sheet Normally, a company will record assets on the balance sheet at the cost of the asset ....

How to prepare journal entries for this problem?!? On July ,

Mar 04, 2012· How to prepare journal entries for this problem?!? On July 23 of the current year, Justin Mining Company pays $4,836,000 for land estimated to contain 3,900,000 tons of recoverable ore It installs machinery costing $390,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years The machinery is paid for on July 25, seven days before mining ....

Accounting problem help!,Saturn Co purchases a used ,

May 07, 2013· Prepare journal entries to record the machine's purchase and the costs to ready and install it Cash is paid for all costs incurred for Jan 2 and Jan 3 And Prepare journal entries to record depreciation of the machine at December 31, its first year in operations and The year of its disposal , Saturn Co purchases a used machine for ....

Equipment Lifecycle Cost Calculator - AccTech Systems

The Equipment Life Cycle Cost Calculator breaks equipment costs into four broad categori Ownership, Maintenance, Consumables and Operator You should enter your own costs (or those provided by your equipment supplier) in the cells provided to calculate the life cycle owning and operating cost...

Mining - Wikipedia

Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef or placer depositThese deposits form a mineralized package that is of economic interest to the miner Ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay...

HOW TO PREPARE FOR EQUIPMENT INSTALLATION: CHECK LIST

Jun 29, 2016· Other items and tools that might be needed for equipment handling or installation include ropes, crowbars, a welding machine, slings, etc Ask your supplier what will be needed 19 How much time is the production team giving you to remove existing equipment and install the new equipment?...

Guide to machinery costs and contract rates

2 PRIMEFACT 913, GUIDE TO MACHINERY COSTS AND CONTRACT RATES is done by estimating a market value at the start of the year and the end of the year The difference is the depreciation rate to be used for that year If you use the market value method, the resultant contract rate you calculate will be higher in early years of...

Capitalized Cost Definition

A capitalized cost is an expense that is added to the cost basis of a fixed asset on a company's balance sheet Capitalized costs are incurred when building or ,...

[Solved] Dakota Mining Co: | Course Hero

The company removes and sells 400,000 tons of ore during its first five months of operations ending on Dec 31 Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined a Prepare entries to record purchase of the land b To record the cost and installation of machinery c...

Cost Models of Theoretical Mining Operations | CostMine

They include all labor, material, supply and equipment operation costs incurred at the mine site, including supervision, administration and on-site management A more complete list of items included or excluded can be found in your Mining Cost Service Manual The Manual also lists the wage and salary scales, supply prices, and other pertinent ....

MiningMagazine - Mining news and in-depth features

Mining Magazine - Daily breaking news and in-depth features about the operational aspects of the global mining industry , Reduce costs, decrease downtime and extend asset life with onsite oil analysis Learn how easy it can be to adopt an on-site oil analysis program More webinars MM Awards , Company working with Ampcontrol to roll out ....

Machinery | Machinery installation best practices Follow ,

Dec 15, 2002· Proper machine installation is critical in maximizing reliability and minimizing life cycle costs Conversely, improper installation is a chronic source of downtime, poor product quality, reduced capacity and high operating costs While installation requirements vary depending on the type of machine ....

Process Equipment Cost Estimating by Ratio and Proportion

known cost of a piece of equipment is based on, for instance 1998 prices, this cost must be multiplied by the ratio of the present day index to the 1998 base index in ,...

(Solved) - On July 23 of the current year, Dakota Mining ,

Nov 22, 2018· It installs machinery costing $410,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in 8 years The machinery is paid for on July 25, seven days before mining operations begin The company removes and sells 480,000 tons of ore during its first five months of operations ending on December 31...

Entries for Cash and Lump-Sum Purchases of Property, Plant ,

The company paid a net purchase price of $150,000, brokerage fees of $5,000, legal fees of $2,000, and freight and insurance in transit of $3,000 In addition, the company paid $1,500 to remove old equipment and $2,000 to install new equipment Clark would compute the cost of new equipment ,...

Accounting Chapter 8 Problem Questions 2015 - 00152446

Dec 14, 2015· On July 23 of the current year, Dakota Mining Co pays $7,413,360 for land estimated to contain 9,384,000 tons of recoverable ore It installs machinery costing $1,595,280 that has a 10-year life and no salvage value and is capable of mining ,...

Estimating Farm Machinery Costs | Ag Decision Maker

Machinery and equipment are major cost items in farm business Larger ma­chines, new technology, higher prices for parts and new machinery, and higher energy prices have all caused machinery and power costs to rise in recent years However, good machinery managers can control machinery and power costs per acre...

How to Write a Mining Industry Business Proposal

Following the cover letter, create a title page that introduces your proposal (for example, "Proposal to Open a Silver Mine in the XYZ Basin," "Environmental Cleanup of the XYZ Mines," or "Proposal to Lease Heavy Equipment to the XYZ Mining Company") If your proposal is complex, you may need to follow the title page with what is called an ....

18830 outof190points(9911%) - MGMT-026

During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane~leaning machine The co st of repairing the component is $1,850 What is the total recorded cost of the automatic scorekeeping equipment? I Total cost Included DR Machinery Excluded Invoice cost 1$ 190,000 Included / -$ 190,000...

Rock Mining (Quarrying) Process - YouTube

Nov 27, 2014· Hillsides explode, massive blocks of stone break off of solid rock walls and powerful machines crush large rocks in a matter of seconds One mile of a two-la Hillsides explode, massive blocks of ....

HOW TO PREPARE FOR EQUIPMENT INSTALLATION: CHECK LIST

Jun 29, 2016· Other items and tools that might be needed for equipment handling or installation include ropes, crowbars, a welding machine, slings, etc Ask your supplier what will be needed 19 How much time is the production team giving you to remove existing equipment and install the new equipment?...

Machine Hours Rate: Formula and Calculation (With ,

Calculation of Machine Hour Rate: For the purpose of computing the machine hour rate, each machine (or a group of similar machines) becomes a cost centre and all overheads are charged to a machine cost centre or to differ­ent machine cost centres if many such ,...

Modular Mining Systems - Wikipedia

Modular Mining (Modular), headquartered in Tucson, Arizona, USA, is a privately held company that develops, manufactures, markets, and services mining equipment management systems Modular's DISPATCH Fleet Management System is available in eight languages, and is currently running at more than 200 active mine sites; among these are nine of the ten highest ,...

How much will it cost? - MININGCOM

Aug 30, 2017· The three largest hurdles for the cost estimator in an exploration or mining company are: , the more time is needed to prepare quote requests and gather quot , Installation costs ,...

11 Depreciation, Impairments, and Depletion EXERCISES 112

Mar 11, 2017· This equipment has a cost of $900,000 with depreciation to date of $400,000 as of December 31, 2017 On December 31, 2017, management projected its future net cash flows from this equipment to be $300,000 and its fair value to be $230,000 The company intends to use this equipment in the future Instructions...

[Solved] On July 23 of the current year, Dakota Mining Co ,

On July 23 of the current year, Dakota Mining Co pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore It installs machinery costing $410,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years...

Intermediate Accounting Chapter 11 Examples Flashcards ,

The Henrik Mining Company purchased a mine on February 1, 2016, at a cost of $1,250,000 It estimated that a total of 60,000 tons of mineral was available for mining After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws...