4) Albertson Company purchased a silver mine in Colorado on January 2, 20x1 for $8 the time of purchase, Albertson expected to operate the silver mine for five years. expected value of the land - after the mine has been depleted - is $100,000. 00,000. At The A small building was constructed on the site at a cost of $90 meeting place for the mine workers. Since the building will be abandoned when the mining ,000 to serve as a small office and e building could stand and be useful for ten y building. ears; the company will use the activity method of depreciation for the operation, Albertson is legally obligated to remove all mining mine to a safe condition. The estimated cost for returning the mine After completing the mining equipment and return the to its original state, at the end of five years, is $150,000. The effective interest rate for Albertson at January 2, 20x1 is 5%. This cost is treated as an asset retirement obligation. REQUIRED 1) At what total amount should the silver mine be recorded on January 2, 20x1