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PildLIDI ALLUUN ACCELLI 10J LUJO LOLOL.10 Homework: Homework Chapter 9 Save Score: 0 of 10 pts 5 of 6 (complete) HW Score: 0%, 0 of 100 pts E9-24 (similar to) Question Help Mighty Mountain Mining paid $657,100 for the right to extract mineral assets from a 500.000 ton deposit. In addition to the purchase price, Mighty also paid a $1,100 filing fee, a $1,800 license fee to the state of Nevada, and $90,000 for a geological survey of the property. Because Mighty 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, Mighty removed and sold 70.000 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.) Accounts and Explanation Debit Date Credit Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts mining Clear All Check