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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 $ 69,000 256,800 107,400 Est. Residual 50 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 December 31, 2023, on the mining assets, including the mineral rights.

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 $ 69,000 256,800 107,400 Est. Residual 50 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 December 31, 2023, on the mining assets, including the mineral rights.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11E: On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an...
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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. 1/231 Cost $ 69,000 256,800 107,400 Est. Residual $0 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 December 31, 2023, on the mining assets, including the mineral rights.
Transcribed Image Text: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. 1/231 Cost $ 69,000 256,800 107,400 Est. Residual $0 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 December 31, 2023, on the mining assets, including the mineral rights.
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