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answer all the requirements please A,b, and C. Colorado Mountain Mining paid $622,400 tor the right to extract mineral assets from a 450,000-ton deposit. In
answer all the requirements please A,b, and C.
Colorado Mountain Mining paid $622,400 tor the right to extract mineral assets from a 450,000-ton deposit. In addition to the purchase price, Colorado also paid a S600 filing tee, a S2,000 license tee to the state ot Nevada, and S50,OOO for a geological survey ot the propey. Because Colorado 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, Colorado removed and sold 20,000 tons ot the minerals. Make journal entries to record (a) purchase ot the minerals (debit Minerals), (5) payment of fees and other costs, and (c) depletion tor the first year. (Record debits first, then credits. Select the explanation on the last line ot the journal entry table.) 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 will do this in entry b.) Date Accounts and Explanation Debit Credit
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