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Rocky Mountain Mining paid $317.100 for the right to extract mineral assets from a 200.000-ton...

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Accounting

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Rocky Mountain Mining paid $317.100 for the right to extract mineral assets from a 200.000-ton deposit. In addition to the purchase price, Rocky also paid a $1,200 filing fee, a $1,700 license foo to the state of Nevada, and $60,000 for a geological Survey of the property. Because Rocky purchased the rights to the minerals only and did not purchase the land, it expects the asset to have zero residual value. During the first year, Rocky removed and sold 40,000 tons of the minerals. Make journal entries to record(a) purchase of the minerals (debit Minerals). (b) payment of foes and other costs, and (c) depletion for the first year. (Record debits first, then credits. Select the explanation on the last line of the Journal entry table) Begin by joumalizing (a) the purchase of the minerals (debit Mineral asset). (Do not record payment for any additional costs associated with the minerall. We will do this in entry b.) Date Accounts and Explanation Debit Credit Joumalize (b) the payment of fees and other costs. (Record a single compound journal entry) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next

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