zhang zinc mines ltd decided on 1 april 20×8 to dispose of one of its mining properties in northern ontario

Required:
1. Prepare journal entries to recognize the mineral rights and equipment as a disposal group, including any reclassification entries, if necessary.
2. Assume that at 30 June (the end of the second quarter), the value of zinc has increased and the mineral rights are worth $ 1,150,000. Prepare any necessary journal entries to reflect the increase in value.
3. On 21 August ( in the third quarter), Zhang signs a contract to convey all rights to the mine and the equipment to Rio Tonto Inc., an Australian- based mining company. The contract price is $ 1,350,000. Prepare the journal entry (or entries) to record the sale.