Reference no: EM132971853
Problem
In 2009, Silverspur Mining Inc. purchased land for P11,200,000 that had a natural resource supply estimated at 4,000,000 tons. When the natural resources are removed, the land has an estimated value of P1,280,000.
Development and road construction costs on the land were P1,120,000, and a building was constructed at a cost of P1,760,000 with an estimated P160,000 salvage value when all the natural resources have been extracted.
During 2010, additional development costs of P540,000 were incurred, but additional resources were not discovered. Production for 2009 and 2010 was 700,000 tons and 900,000 tons, respectively.
Required: Entries for 2009 and 2010.
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: Entries for 2009 and 2010 - Development and road construction costs on the land were P1,120,000, and a building was constructed at a cost of P1,760,000
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