Business, 11.01.2020 06:31 megaaan214p61pb7

Mountain mining paid $ 598 comma 100 for the right to extract mineral assets from a 450 comma 000-ton deposit. in addition to the purchase price, sierra also paid a $ 300 filing fee, a $ 1 comma 600 license fee to the state of nevada, and $ 75 comma 000 for a geological survey of the property. because sierra 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, sierra removed and sold 50 comma 000 tons of the minerals. make journal entries to record (a) purchase of the minerals (debit minerals), (b) payment of fees and other costs, and (c) depletion for the first year.

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Mountain mining paid $ 598 comma 100 for the right to extract mineral assets from a 450 comma 000-to...

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