Copper Explorations recently acquired the rights to mine a new site, Equipment and a truck...
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Copper Explorations recently acquired the rights to mine a new site, Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Est. Life Asset Mineral rights Equipment Truck Date of Purchase Mar. 1/20 Mar. 1/20 Mar. 1/20 Cost $100,000 295,800 146,400 Est. Residual $0 0 0 4 yrs 4 yrs Ayrs Copper's year-end is December 31 and it uses the straight-line method for all mining assets including intangibles. Required: 1. Record amortization and depreciation at December 31, 2020, on the mining assets, including the mineral rights
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