User Account

All Pages

Record any obligation for land restoration at July

Assignment Help Accounting Basics
Reference no: EM132871232

Question - 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 -

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

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

On July 1, 2035, Thi Mines paid cash to an environmental firm to restore the mine's surrounding area to its original state at a cost of $24,000,000. Prepare the journal entry for the settlement of the asset retirement?

Reference no: EM132871232

Questions Cloud

How has establishment of judicial review shaped the power : What has been the lasting significance of Marbury v. Madison, and how has the establishment of judicial review shaped the power of the Supreme Court
Explain corporate social responsibility : Explain corporate social responsibility and discuss its importance in human resource management provide clear arguments and an example to support your answer
Discuss the organizational nuances : Brown (2010) contends that developing others is a skill that must be developed among managers. Discuss some of the organizational nuances
Contribution to your understanding of leadership : The Leadership Experience (2010). Be honest as to their contribution to your understanding of leadership.
Record any obligation for land restoration at July : Thi Mines International uses an 9% discount rate, and follows IFRS. Record any obligation for land restoration at July 1, 2020
Pick one election where the outcome of the popular vote : Pick one election where the outcome of the popular vote and the electoral college vote differed to create an argument in favor of or opposed to the use
Increasing employee morale and satisfaction : As an external organizational development (OD) practitioner and have been invited to take on the challenge presented below;
Explain the life cycle of supply chain : Diagram and explain the life cycle of a supply chain. Explain, and provide examples of, the models organizations use to manage forecasting, planning,
Analyze the claims laid out in the controversy : Analyze the claims laid out in this controversy, and try to argue the strongest case you can in favor of the view or views you find most convincing

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd