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 Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Cost $ 72,000 259,800 110,400 Show Transcribed Text Est. Residual $0 0 Est. Life 4 yrs 4 yrs 4 yrs 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 Dec 31, 2023 on tge mininh assers including the mineral rights. 2. assume the mine was closed on oct 31,2026 and the assets were scrapped. record rge disposal of the assets.

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 Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Cost $ 72,000 259,800 110,400 Show Transcribed Text Est. Residual $0 0 Est. Life 4 yrs 4 yrs 4 yrs 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 Dec 31, 2023 on tge mininh assers including the mineral rights. 2. assume the mine was closed on oct 31,2026 and the assets were scrapped. record rge disposal of the assets.

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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