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What are the analysis and journal entries

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Reference no: EM132803889

On January 1, 2020, MNO Company purchased a mining site that will have to be restored to certain specifications when the mining production ceases. The cost of the mining site is P8,000,000 and the restoration cost is expected to be P2,000,000. It is estimated that the mine will continue in operation for 10 years.

  • The appropriate discount rate is 8%. The present value of 1 at 8% for 10 periods is 0.4632. On December 31, 2029, the entity contracted with another entity for the restoration of the mining site in accordance with specifications at a cost of Pl,800,000.

Problem 1: What are the analysis and journal entries, if any?

Reference no: EM132803889

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