SOLUTION: On July 23 of the current year, Dakota Mining Co ...
On July 23 of the current year, Dakota Mining Co. pays 4,836,000 for land estimated to contain 7,800,000 tons of recoverable ore. It installs machinery costing 390,000 that has a 10year 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.