Cannon Mountain Mining paid $462,300 for the right to extract mineral assets from a 400.000-ton deposit in addition to the purchase price. Cannon also paid a $900 fling fee, a $1,000 license fee to the state of Nevada, and only and did not purchase the land, it expects the asset to have zero residual value. During the first year, Cannon removed and sold 50,000 tons of the minerals Make journal entries to record (a) purchase of the minerals (de then credits. Select the explanation on the last line of 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 Joumalize (b) the payment of fees and other costs (Record a single compound journal entry) Date b Accounts and Explanation Journalon (c) the depletion for the first year (Round depletion par ton to the onarast cent) Date Accounts and Explanation 14 To recont proficiated with purchase of miners To record depletion Choose Feciort depre Debit Credit Debil Credit Debit Credit e next question from a 400,000-ton deposit In addition to the purchase price, Cannon also paid a $900 fling fee, a $1,000 license fee to the state of Nevada, and $55,000 for a geological survey of the property Because Cannon purchased the rights to the value During the first year, Cannon removed and sold 50,000 tons of the minerals. Make joumal entries to recond (a) purchase of the minerals (debit Minerals). (s) payment of fees and other costs, and (c) depletion for the first year. (Racard debts fest Do not record payment for any additional costs associated with the minerals. We will do this in entry b) nd journal entry) Debit Credit Debit Credit mearest cent) Debit Credit he next question Cannon Mountain Mining paid $462,300 for the right to extract mineral assets from a 400,000-ton deposit. In addition to the purchase price only and did not purchase the land, it expects the asset to have zero residual value. During the first year, Cannon removed and sold 50,000 then credits. Select the explanation on the last line of 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 Accounts and Explanation Date Debit Credit a. Journalize (b) the payment of fees and other costs. (Record a single compound journal entry) Date b Accounts and Explanation Debit Credit Journalize (c) the depletion for the first year. (Round depletion per ton to the nearest cent.) Date Accounts and Explanation Debit Credit To record payment of costs associated with purchase of minerals To record purchase of mineral rights To record depletion Choose fro he next question. To record depreciation To record the sale of mineral rights Search for anything O in dition to the purchase price, Cannon also paid a $900 filing fee, a $1.000 license fee to the state of Nevada, and $55,000 for a geological survey of the property Because Cannon purchased the rights to the minerals removed and sold 50,000 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 (Record debits first itional costs associated with the minerals. We will do this in entry b.) Credit Credit Credit