Question 1 Copper Explorations recently acquired the rights to mine a new site. Machinery, equipment and...

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Question 1 Copper Explorations recently acquired the rights to mine a new site. Machinery, equipment and a truck were purchased to begin the mining operations at the site. Details of the assets for the mining operations are as follows: Assets Date of Purchase Machinery 1 April 2020 Cost (S) Residual Value (S) Estimated useful life 56,000 0 28 months Equipment 1" May 2020 93,000 3,000 30 months Truck 16 June 2020 50,000 2,000 48 months Copper's year-end is December 31 and the company uses the straight-line method for all the assets used in the mining site. Required: a) Calculate the MONTHLY depreciation charge of the three pieces of assets purchased by Copper Explorations uses in the mining site. b) Prepare the PROVISION FOR DEPRECIATION ACCOUNT on all the mining assets on December 31, 2020. c) Assume the mine was closed on August 31, 2022, and each piece of assets were sold at $2,600. Record the DISPOSAL of all the 3 pieces of assets. You MUST use separate Disposal Account for each piece of asset. 7 (50 marks) Question 1 Copper Explorations recently acquired the rights to mine a new site. Machinery, equipment and a truck were purchased to begin the mining operations at the site. Details of the assets for the mining operations are as follows: Assets Date of Purchase Machinery 1 April 2020 Cost (S) Residual Value (S) Estimated useful life 56,000 0 28 months Equipment 1" May 2020 93,000 3,000 30 months Truck 16 June 2020 50,000 2,000 48 months Copper's year-end is December 31 and the company uses the straight-line method for all the assets used in the mining site. Required: a) Calculate the MONTHLY depreciation charge of the three pieces of assets purchased by Copper Explorations uses in the mining site. b) Prepare the PROVISION FOR DEPRECIATION ACCOUNT on all the mining assets on December 31, 2020. c) Assume the mine was closed on August 31, 2022, and each piece of assets were sold at $2,600. Record the DISPOSAL of all the 3 pieces of assets. You MUST use separate Disposal Account for each piece of asset. 7 (50 marks)