Sun Mountain Mining paid $462.700 for the right to extract minerales from a 250,000 ton deposit In addition to the purchase price, Sunsetos palda 1600 fling fee, a $1.700 license feel the state of Nevada, and 560.000 for a logical survey of the property Because Sunset purchased the rights to the minerals only and did not purchase the land expects the asset torero residual value. During the first year Sunset removed and sold 50 tons of the minerals Make journal entries to record purchase of the minerals (debat Minerals.) pant offee and other costs, and (c) depletion for the first you (Record debits first, the credits Select the explanation on the last line of the Jumal entry table) Begin by journaling (a) the purchase of the minerals (debit Mineral asset) (Do not record payment for anyonal costs associated with the minerals We will do this inntry b) Date Accounts and Explanation Debit Credit Minerals 462.700 Cash 862,700 To record the sale of menght Jumature by the payment of fees and others (Racord a single compound joomal entry) Date Accounts and Explanation Debit b Minerais Cash Credit