Reference no: EM132778249
In 2021, Radio Co. acquired land for a total cost of ?40,000,000 to be used to quarry marble, limestone, and construction aggregates. Costs incurred to obtain legal right to explore the property amounted to ?8,000,000. Expenditures incurred in the exploration for and evaluation of mineral resources before technical feasibility and commercial viability of extracting a mineral resource are demonstrable totaled ?12,000,000. Intangible development costs of drilling, tunnels, shafts, and wells before the actual production totaled ?20,000,000. Radio Co. estimates that total recoverable reserves are 100,000,000 units. Furthermore, Radio Co. expects to sell the land for ?4,800,000 after resource is depleted. However, no buyer will pay this price unless the mine is drained, filled and leveled, a process that will cost ?800,000. It is Radio's policy to capitalize all exploration costs.
- Actual units quarried in 2021 through 2024 totaled 30,000,000 units. On January 1, 2025, Radio Co. estimated that the remaining recoverable reserves are only 25,000,000 units and after the reserves are exhausted, the land will be sold for ?3,200,000. Costs of disposal are estimated at ?1,200,000. Actual units quarried in 2025 totaled 6,000,000 units.
Problem 1: What is the carrying amount of the wasting asset on December 31, 2025?
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