5 Not yet awered Points out of 10.00 T. Hemove flag On January 1, 2020, Galt Company acquired a tract of land for $6,400,000 containing an extractable natural resource. The exploration costs related with this natural resource were $1,500,000. Geological surveys estimate that the recoverable reserves will be 5,000,000 tons, which will take five years to fully extract. Galt is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. At the end of the five-year period, restoration costs will be $1,200,000 and that the land will have a value of $600,000. Galt extracts 1,300,000 tons of natural resources and sells 900,000 tons in 2020. Instructions Calculate the following and show your calculation. Assume a 10% interest rate and round to the nearest dollar. Click here for the Time Value of Money tables. (1) Cost basis for the natural resource. (2) Ending Inventory for 2020. (3) Cost of Goods Sold for 2020. (4) On January 1, 2021, how much asset retirement obligation should Galt Company have on the record