Mighty Mountain Mining paid $682.600 for the right to cotract mineral assets from a 550,000 son deposit in addition to t

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Mighty Mountain Mining Paid 682 600 For The Right To Cotract Mineral Assets From A 550 000 Son Deposit In Addition To T 1 (9.1 KiB) Viewed 11 times

Mighty Mountain Mining paid $682.600 for the right to cotract mineral assets from a 550,000 son deposit in addition to the purchase price Mighty also pada 5700 ng fon a $1,700 come few the end $05.000 for a geological survey of the property. Because Mighty purchased the rights to the minerals only and did not purchase the land, a expects the asset to have como residual value. During the first year, Mighty moved and sold 30,000 tons of the minerals. Make journal entries to record (a) purchase of the minerals (detit Minerals), (b) payment of fees and other costs, and (c) depletion for the first year. (Record debis test then cred Select the explanation on the last line of the journal entry table)