9-20A Intangible assets LO2, 3, 6, 7 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 Est. Cost Residual Est. Life. Mar. 1/20 Mar. 1/20 Mar. 1/20 $ 84,000 271,800 122,400 4 yrs e 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, 2020, on the mining assets, including the mineral rights. View transaction list Journal entry worksheet < 1 2 3 Record the amortization on the mineral rights. Note: Enter debits before credits. General Journal nahit Cradis > Required: 1. Record amortization and depreciation at December 31, 2020, on the mining assets, including the mineral rights. View transaction list Journal entry worksheet < 1 2 3 Record the amortization on the mineral rights. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit View general journal Record entry Clear entry 2. Assume the mine was closed on October 31, 2023, and the assets were scrapped. Record the disposal of the assets. View transaction list Journal entry worksheet 1 Record the disposal of the mineral rights. Note: Enter debits before credits Date Oct 31, 2023 General Journali Debit Credit Clear entry View general journal