Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow:

Asset	Date of Purchase		Cost			Est. Residual				Est. Life
Mineral rights	Mar. 1/23		$	62,400		$	0			4 yrs
Equipment	Mar. 1/23			244,800			0			4 yrs
Truck	Mar. 1/23			95,400			0			4 yrs

Coppers year-end is December 31 and it uses the straight-line method for all mining assets including intangibles. Required: 1. Record amortization and depreciation at December 31, 2023, on the mining assets, including the mineral rights.

2. Assume the mine was closed on October 31, 2026, and the assets were scrapped. Record the disposal of the assets.