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 list Journal entry worksheet 1 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. Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Date Dec 31, 2023 Record the amortization on the mineral rights. Note: Enter debits before credits. Record entry 23 View transaction list Date Oct 31, 2028 Cost $ 62,480 244,800 95,480 General Journal Amortization expense, mineral rights Accumulated amortization, mineral rights Clear entry Journal entry worksheet < 1 2 3 Record the disposal of the equipment. Note: Enter debits before credits. Est. Residual se 0 0 2. Assume the mine was closed on October 31, 2026, and the assets were scrapped. Record the disposal of the assets. General Journal Est. Life 4 yrs 4 yrs 4 yrs Debit Credit View general journal Debit Credit

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 list Journal entry worksheet 1 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. Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Date Dec 31, 2023 Record the amortization on the mineral rights. Note: Enter debits before credits. Record entry 23 View transaction list Date Oct 31, 2028 Cost $ 62,480 244,800 95,480 General Journal Amortization expense, mineral rights Accumulated amortization, mineral rights Clear entry Journal entry worksheet < 1 2 3 Record the disposal of the equipment. Note: Enter debits before credits. Est. Residual se 0 0 2. Assume the mine was closed on October 31, 2026, and the assets were scrapped. Record the disposal of the assets. General Journal Est. Life 4 yrs 4 yrs 4 yrs Debit Credit View general journal Debit Credit

Name: Copper Explorations recently acquired the rights to mine a new site.
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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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