On July 23 of the current year, Dakota Mining Co. pays $7,110,000 for land estimated to contain 9,480,000 tons of recoverable ore. It installs machinery costing $1,516,800 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 488,500 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. Required:Prepare entries to record the following:(a)To record the purchase of the land.(b)To record the cost and installation of machinery.(c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.(d)To record the first five months' depreciation on the machinery.

Long-distance providers are becoming increasingly concerned about certain activities within their industry. various companies come together voluntarily to implement new standards of social responsibility that members must abide by. what seems to be the primary motivation in this case for an increased interest in social responsibility? - because corporations are creations of society, they are responsible for giving back to the communities in which they operate.- these companies have realized it is in their best interest to increase their social responsibility before they are once again subject to stricter regulations.- these companies are using social responsibility as a means to increase their profitability, both short term and long term.- long-distance providers have started taking pride in their industry and its record for social responsibility.- they feel a responsibility to their stockholders, employees, the government, investors, and society as a whole.

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.

In north korea, a farmer’s income is the same as a dentist’s income. in a country with a mixed or market economy, the difference between those two professions might be more than 5 times different. how can you explain the fact that individuals doing the same work in different countries do not earn comparable salaries?