Question
Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site.
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 Mineral rights Equipment Truck Date of Purchase Mar, 1/28 Cost $ 90,000 Est. Residual 30 Est. Life 4 yrs Mar. 1/20 277,800 e 4 yrs Mar. 1/20 128,400 e 4 yrs Copper's 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, 2020, on the mining assets, including the mineral rights. View transaction list 1 Record the amortization on the mineral rights. 2 Record the depreciation on the equipment. Record the depreciation on the truck. journal entry has been entered Note t Record entry X Credit Clear entry View general journal
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