Business, 18.06.2020 02:57 KendallTishie724
Coal Train Mines paid $435000 for the right to extract ore from a 225000-ton mineral deposit. In addition to the purchase price, Coal Train Mines also paid a $115 filing fee to the country recorder, a $2000 license fee to the state of Colorado, and $69135 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, Coal Train Mines removed 48000 tons of ore, of which it sold 45000 tons.
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) sales of ore.
A) Record the purchase of the mineral rights.
Journal
Date Accounts Debit Credit
B) Record the payment of fees and other costs.
Journal
Date Accounts Debit Credit
C) Record the depletion for first-year production.
Journal
Date Accounts Debit Credit
D) Record the sales of ore.
Journal
Date Accounts Debit Credit
Answers: 2
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Coal Train Mines paid $435000 for the right to extract ore from a 225000-ton mineral deposit. In add...
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