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	Date of Purchase		Cost			Est. Residual				Est. Life
Mineral rights	Mar. 1/20		$	108,000		$	0			4 yrs
Equipment	Mar. 1/20			295,800			0			4 yrs
Truck	Mar. 1/20			146,400			0			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.

2. Assume the mine was closed on October 31, 2023, and the assets were scrapped. Record the disposal of the assets.

2 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: 10 points Est. Residual $0 Asset Mineral rights Equipment Truck Date of Purchase Mar. 1/20 Mar. 1/20 Mar. 1/20 Cost $108,000 295, 800 146,400 Est. Life 4 yrs 4 yrs 4 yrs eBook Print References 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 Record the amortization on the mineral rights. 2 Journal entry worksheet 10 points Record the amortization on the mineral rights. eBook Print Note: Enter debits before credits. References Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal 2 2. Assume the mine was closed on October 31, 2023, and the assets were scrapped. Record the disposal of the assets. 10 points View transaction list Journal entry worksheet eBook Print References Record the disposal of the mineral rights. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31, 2023