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Record any obligation for land restoration at January

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Reference no: EM132613428

Question - Metal Mines Universal Ltd. discovered a new iron ore deposit, the Peller Mine, and began production on January 1, 2020. The province requires mining companies to return the land to its natural state at the end of mining activity. Metal Mines Universal estimates that it will operate the mine for 25 years, at which time it will cost $25,000,000 for the land restoration project. Metal Mines Universal uses an 8% discount rate and follows ASPE.

Instructions -

a. Record any obligation for land restoration at January 1, 2020.

b. Record any entry required related to this obligation at December 31, 2020.

Reference no: EM132613428

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