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Question - J&J received approval from the government to construct a manufacturing plant. Part of the condition for the approval is that J&J would need to dismantle the plant and restore it back to its original condition when the project ceases in 6 years. The construction cost of the plant is estimated to be $50 million. However, due to a wrong specification from the architect, the company ended up incurring a total construction cost of $50.5 million. Meanwhile, the estimated cost of restoration cost in 5 years would be $10.2 million. Besides the restoration costs, the company also estimated that they will incur another $20 million in environmental costs as a result of the damages done to the environment from their manufacturing activities.
Required -
1. Determine the cost of the manufacturing plant capitalized assuming a discount rate of 10% applies (10% discount rate for year 5 is 0.621).
2. Show the financial statement extract for the first year.
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