Lakeland Mountain Mining paid $316,900 for the right to extract mineral assets from a 200,000-ton deposit. In addition to the purchase price, Lakeland also paid a $1,200 filing fee, a $1,900 license fee to the state of Nevada, and $60,000 for a geological survey of the property. Because Lakeland purchased the rights to the minerals only and did not purchase the land, it expects the asset to have zero residual value. During the first year, Lakeland removed and sold 30,000 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, 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 Debit Credit a. Accumulated DepletionMinerals Accumulated DepreciationMinerals Cash Depletion ExpenseMinerals Depreciation Expense-Minerals Minerals Notes Payable Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check