Question

E9-24 (similar to) E Question Help Bue Mountain Mining paid $417,50 for the n tte ad mne a assets loma30,00-r depost in add on he pnha eone,Baalso pid·S400 ing.. 100ernernstl dleda, and $90,000 for a geological survey of the property. Because Blue purchased the rights to the minerais only and did not purchase the land, it expects the asset to have zero residual value. During the frst year, Bue removed and sold 20,000 tons of the minerals. Make jounal entries to record (a) purchase of the minerals (debilt Minerals). (b) payment of fees and other costs, and (e) depietion for the first year (ecord debts frst then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing (a) the purchase of the minerals (debit Mineral asset) (Do not record payment for any additional costs associated with the minerals. We will do this in entry b) Credit Date Accounts and Explanation De Debit – oose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All parts