Nero Mines paid $427,000 for the right to extract ore from a 300,000-ton mineral deposit....
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Nero Mines paid $ for the right to extract ore from a ton mineral deposit. In addition to the purchase price, Nero Mines paid a $ filing fee to the country recorder, a $ license fee to the state of Colorado, and $ 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 of zero when it is fully depleted. During the first year of production, Nero Mines removed tons of ore, of which it sold tons. Read the requirement. a Record the purchase of the mineral rights. Record debits first, then credits. Exclude explanations from any journal entries. Do not record the payment of fees and other costs, they will be recorded in transaction b Journal Date Accounts Debit Credit 
Nero Mines paid $ for the right to extract ore from a ton mineral deposit. In addition to the purchase price, Nero Mines paid a $ filing fee to the country recorder, a $ license fee to the state of Colorado, and $ 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 of zero when it is fully depleted. During the first year of production, Nero Mines removed tons of ore, of which it sold tons.
Read the requirement.
a Record the purchase of the mineral rights. Record debits first, then credits. Exclude explanations from any journal entries. Do not record the payment of fees and other costs, they will be recorded in transaction b
Journal
Date
Accounts
Debit
Credit
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