WV Mines paid $$430,000$ for the right to extract ore from a $375,000-$ton mineral deposit. In addition to the purchase price, WV Mines paid a $$140$ filing fee to the country recorder, a $$2,500$ license fee to the stale of Colorado, and $$81,110$ for a geologic survey. Because the company purchased the rights to the minerals only, it expects this mineral rights asset to have a residual value of zero when it is fully depleted. During the first year of production, WW Mines removed $60,000$ tons of ore, of which it sold $56,000$ tons.

Read the requirement.

$($a$)$ Record the purchase of the mineral rights. $($Record debits first, then credits, Exclude explanations from any journal entries. Do not record the payment of fees and other costs, they will be recorded in transaction $($b$).)$

$\backslash$table$[[$Journal$],[$Date$,$Accounts,Debit,Credit$],[,,,],[,,,],[,,,],[,,,]]$

Requirement

Make journal entries to record $($a$)$ purchase of the mineral rights, $($b$)$ payment of fees and other costs, $($c$)$ depletion for first$-$year production, and $($d$)$ cost of the ore sold. Round depletion per unit to the closest cent