Sunset Mountain Mining paid $362,300 for the right to extract mineral assets from a 350,000-ton deposit. In addition to the purchaseprice, Sunset also paid a $300 filingfee, a $2,400 license fee to the state ofNevada, and $55,000 for a geological survey of the property. Because Sunset purchased the rights to the minerals only and did not purchase theland, it expects the asset to have zero residual value. During the firstyear, Sunset removed and sold 40,000 tons of the minerals. Make journal entries to record(a) purchase of the minerals(debit Minerals),(b) payment of fees and othercosts, and(c) depletion for the first year. (Record debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.)

Begin by journalizing(a) the purchase of the minerals(debit Mineralasset). (Do not record payment for any additional costs associated with the minerals.