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 canon also paid a $900 filing fee an $1800 license fee to the state of Nevada and $55,000 for A geological survey of the property because Canon purchased the rights to the minerals only and did not purchase the land and expects the asset to have zero residual value during the first year canon removed and sold 50,000 tons of the minerals make journal entries to record purchase of the minerals (debit minerals), payment of fees and other costs, and depletion for the first year

begin by generalizing the purchase of the minerals (debit mineral asset)