Opawica 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:

Opawica€™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, 2014, on the mining assets, including the mineral rights.
2. Assume the mine was closed on October 31, 2017, and the assets were scrapped. Record the disposal of theassets.

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Cost S 62,400 244,800 95,400 Asset Date of Purchase Mar. 1/14 Mar. 1/14 Mar. 1/14 Est. Residual Mineral rights Equipment Truck Est. Life 4 yrs 4 yrs 4 yrs $-0-