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6 of 8 (4 complete) HW Score: 50%, 4 of 8 8 E9-24 (similar to) Question Help Loon Mountain Mining paid 5606,900 for the right to extract mineral assets from a 300.000 ton deposit. In addition to the purchase price, Loon also paid a $1.200 filing fee, a 51,900 license fee to the state of Nevada, and 550,000 for a geological survey of the property. Because Loon 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, Loon 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 Credit Choose from any list or enter any number in the input fields and then click Check Answer 2 parts Clear All Check Ans remaining