Question 2 Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin the mining operations at the site. Details of the assets for mining are as follows: Assets Mineral rights Equipment Truck Date of Purchase 1 March 2020 Cost (S) 1 March 2020 62,400 244,800 0 Residual Value (S) Estimated useful life 4 years 0 4 years 1 March 2020 95,400 0 4 years Copper's year-end is December 31 and it uses the straight-line method for all mining including intangibles. Required: a) Record the amortization and depreciation at December 31, 2020, on the mining assets. including the mineral rights. b) Assume the mine was closed on October 31, 2023, and all the assets were scrapped with zero residual value. Record the disposal of all the 3 pieces of assets. END OF ASSIGNE Page 2 / 2 Q + (50 marks) (Total: 100 marks)