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Browns International Ltd. discovered a new iron ore deposit at the Grouse Region. Browns purchased the rights to extract the iron ore and began mining on January 1, 2020. The rights cost $100,000,000 and the regional government requires mining companies to return the land to its natural state at the end of mining activity. Browns estimates that it will operate the mine for 25 years, at which time it will cost $ 25,000,000 for the land restoration project. Browns uses an 8% discount rate and follows IFRS. Instructions
Problem a) Record the acquisition of the mining rights.
Problem b) Record the obligation for land restoration at January 1, 2020.
Problem c) Record any entry required related to the mining rights and obligation at December 31, 2020. Show all your calculations and round all figures to the nearest dollar.
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