2 parts

Rocky Mountain Mining paid $782.800 for the right to extract mineral assets from a 450,000 ton deposit in addition to the purchase price, Rocky also paid acting to a $1.000 license fee to the state of Nevada, and $70,000 for a geological survey of the property. Because Rocky purchased the right to the minerals only and did not purchase the land tempects the asset to have zero residual value. During the first year, Rocky removed and sold 60,000 tons of the minerals. Make journal entries to record al purchase of the mineral Minerals), (b) payment of fees and other costs, and (c) depletion for the first year. (Record debits first, then credits. Select the explanation on the lastne of the journey Credit Begin by journalizing (a) the purchase of the minerals (debit Mineral asset) (Do not record payment for any additional costs associated with the minerals. We wonenty) Date Accounts and Explanation Debit 782 800 Minerals Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All 2 parts remaining Next