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Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $8.2 million. Extraction activities began on July 1, 2011.After the copper is extracted in approximately six years, Schefter is obligated to restore the land to its original condition, including constructing a park. The company's controller has provided the following three cash flow possibilities for the restorationcosts: The company's credit-adjusted, risk-free rate of interest is 5%, and its fiscal year ends on December 31.
Required:a. What is the initial cost of the copper mine?
b. How much accretion expense will Schefter report in its 2011 income statement?
c. What is the carrying value (book value) of the asset retirement obligation that Schefter will report in its 2011 balance sheet?
d. Assume that actual restoration costs incurred in 2017 totaled $860,000. What amount of gain or loss will Schefter recognize on retirement of the liability.
Unit variable costs and total fixed costs are expected to remain unchanged next year. Calculate the unit cost and the total cost of 51,000 units are produced next year.
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