complete requirement a, b and c

Cannon Mining paid $2,567,900 for the right to extract mineral assets from a 1,300,000-ton mineral deposit. In addition to the purchase price, Cannon Mining also paid a $700 filing fee, a $1,400 license fee to the state of Colorado, year, Cannon and $30,000 for a geological survey of the property. Because the company purchased the rights to the minerals only, the company expected the asset to have zero residual value when fully depleted. During the first Mining removed and sold 25,000 tons of minerals. Read the requirement. - a. Using the Mineral assets account, make the journal entry to record the purchase of the minerals. Requirement Journal Entry Date Accounts Debit Credit Using the Mineral assets account, make journal entries to record the following: a. Purchase of the minerals b. Payment of fees and other costs c. Depletion expense for the first year. (Record debits first, then credits. Exclude explanations from all journal entries.) Print Done