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Record any obligation for land restoration at july

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Reference no: EM132821780

Thi Mines International Ltd. discovered a new iron ore deposit, the Grouse Mine, and began production on July 1, 2020. The province requires mining companies to return the land to its natural state at the end of mining activity. Thi Mines International estimates that it will operate the mine for 15 years, at which time it will cost $25,000,000 for the land restoration project. Thi Mines International uses an 9% discount rate, and follows IFRS.

Instructions

Problem 1: Record any obligation for land restoration at July 1, 2020.

Problem 2: Prepare any journal entries required for the mine (straight-line depreciation) and the asset retirement obligation at December 31, 2020

Reference no: EM132821780

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