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Prepare the adjusting entry to record accretion expense

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Question - Tantuni Inc., is pursuing an ASPE standard. It has also discovered a new gold mine during 2021, and is obligated by the territorial law to remodel the site to its original condition once mining operations are completed. Tantuni Inc. estimates that the mine will close in 20 years and that the land restoration will cost $ 5,000,000. Antimony uses a 6% discount rate.

1) Compute the Asset Retirement Obligations and record the journal entry for ARO.

2) Prepare the adjusting entry to record accretion expense at the end of the year.

Reference no: EM133173606

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