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D 0 E7-32A (similar to) Question Help Rocky Mines paid 5433,000 for the right to...

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D 0 E7-32A (similar to) Question Help Rocky Mines paid 5433,000 for the right to extractore from a 450 000 ton mineral deposit. In addition to the purchase price, Rocky Mhes also paid a $155 fling fee to the country recorder a $2.000 forse fee to the state of Colorado, and 595,045 for a geologic survey Because the company purchased the rights to the minerals only, it expects this mineral rights asset to have a residual value ofera when it is fully depleted. During the first year of production, Rocky Mines removed 75.000 tons of ore, of which it sold 71000 tons Read the requirement (a) Record the purchase of the mineral rights (Record debits first then credits Exclude explanations from any ournal entries Done record the payment of foes and other costs, they will be recorded transaction (1) Journal 0 Requireme - X Date Accounts De Credit 1. Make journal entries to record(a) purchase of the mineral rights. (b) payment offees and other costs, (c) depletion for first year production, and (d) cost of the are sold Rand depletion per unit to the closest cent Print Done Accumulated Depreciation Cash Cost of Mineral Asset Sold Deprecation Expense Mineral Assel Mineral Assettory

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