Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Asset Mineral rights Equipment Truck View transaction et Date of Purchase Mar. 1/23 Journal entry worksheet < 1 2 3 Record the depreciation on the truck. Date Dec 31, 2023 Mar. 1/23 Mar. 1/23 Copper's year-end is December 31 and it uses the straight-line method for all mining assets including Intangibles. Required: 1. Record amortization and depreciation at December 31, 2023, on the mining assets, including the mineral rights. Note: Enter debits before credits. Record entry View transaction list Cost $ 62,400 244,800 95,400 General Journal Clear entry Est. Residual se e Journal entry worksheet < 1 2 Record the disposal of the truck. Est. Life 4 yrs 4 yrs 4 yrs Debit Credit 2. Assume the mine was closed on October 31, 2026, and the assets were scrapped. Record the disposal of the assets. View general Journal

Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Asset Mineral rights Equipment Truck View transaction et Date of Purchase Mar. 1/23 Journal entry worksheet < 1 2 3 Record the depreciation on the truck. Date Dec 31, 2023 Mar. 1/23 Mar. 1/23 Copper's year-end is December 31 and it uses the straight-line method for all mining assets including Intangibles. Required: 1. Record amortization and depreciation at December 31, 2023, on the mining assets, including the mineral rights. Note: Enter debits before credits. Record entry View transaction list Cost $ 62,400 244,800 95,400 General Journal Clear entry Est. Residual se e Journal entry worksheet < 1 2 Record the disposal of the truck. Est. Life 4 yrs 4 yrs 4 yrs Debit Credit 2. Assume the mine was closed on October 31, 2026, and the assets were scrapped. Record the disposal of the assets. View general Journal

Name: Copper Explorations recently acquired the rights to mine a new site.
Uploaded: 2024-03-05T11:50:36.000Z
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Description: Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin miningoperations at the site. Details of the mining assets follow:AssetMineral rightsEquipmentTruckView transaction listJournal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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