Blue Mountain Mining paid $497,100 for the right to extract minerai assets trom a 400,000 -ton doposit. in addition to the purchaso prico, Buv also poid a $600 ting foe, a $2.350 foense fee to the state of Nevada, and $60,000 for a geological survey of the property. Because Blue purchased the rights to the minerals only and did not purchase tho land, it axpects the asset b have zero reildial value. During the first yoar, Blue removed and sold 40,000 tons of the minerats. Make journal entries to racord (a) purchase of the minarals (debit Mrerals), (b) payment of foes and othser ceeth. and (c) depletion for the first year, (Record debits first, then credits. Select the explanation on the last tine of the journal entry tablo.)