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possibly answer all 3 parts Rocky Mountain Miring paid $641,900 for the right to extract mineral assets from a 450,000-ton deposit. in addition to the
possibly answer all 3 parts
Rocky Mountain Miring paid $641,900 for the right to extract mineral assets from a 450,000-ton deposit. in addition to the purchase prico, Rocky also paid a $1,000 filing fee, a $2,100 license fee to the state of Nevada, and $75,000 for a goclogical survey of the property. Because Rocky purchased the rights to the minerals only and did not purchase the land, it expects the asset to hense fee io residual value. During the first year, Rocky temoved and sold 70,000 tons of the minerals. Make poumal entries to record (a) purchase of the minerals (debit Minerals). (b) paryanent of feet and other costs, and (c) depletion for the first yoor, (Record sobits first, then credits, Solect the explanstion on the last line of the joumal entry table.) Step by Step Solution
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