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At the beginning of 2020, Grimace Inc. acquired a rights to a mine for $600,000. Surveys conducted by geologists found that approximately 8,000 lbs of gold appear to be in the mine. Grimace had $50,000 of development costs for this mine before any extraction of minerals. During 2020, 2,000 lbs of gold were extracted and 1,500 lbs were sold.
Required:
Problem (a) What amounts will be shown on the balance sheet and income statement for the year ended December 31, 2020 from the operation of this mine?
Problem (b) In January 2021, Grimace discovers a large unexpected deposit of gold. Grimace estimates that 7,000 lbs of gold remain in the mine at this time. Another 2,000 lbs of gold were extracted in 2021. Calculate the net book value of the mine at the end of 2021
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