2 14 marks A Cuono Mining Co purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million In the first year, 6 million tonnes of ore are extracted and sold (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003 2 14 marks A Cuono Mining Co purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million In the first year, 6 million tonnes of ore are extracted and sold (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003

Question

2  14 marks A  Cuono Mining Co  purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million  In the first year, 6 million tonnes of ore are extracted and sold  (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003  2  14 marks A  Cuono Mining Co  purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million  In the first year, 6 million tonnes of ore are extracted and sold  (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003

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2. 14 marks A. Cuono Mining Co. purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual

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