( BACK Question 20 Cheyenne Ltd. acquired the rights to use 2,500 hectares of land in northern Alberta to mine for uranium. The cost of the land was $112,000, exploration costs were $204,000, and the development costs incurred were $657,750. All of these costs were capitalized. The company estimated that the mine would produce about 205,000 ounces of uranium. In the first year, 30,300 ounces were extracted from the mine, of which 14,100 were sold. Assume all purchases were cash. Prepare the journal entries on the books of Cheyenne Ltd. to record the purchase and capitalization of the mine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the journal entry on the books of Cheyenne Ltd. to record depletion costs for the first year. (Round per unit cost to 2 decimal places e.g. 5.75 and final answers to o decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS udy Prepare the journal entry on the books of Cheyenne Ltd. to record the cost of uranium sold for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit I Cheyenne Ltd. to record the purchase and capitalization of the mine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 4 BACK NI Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the journal entry on the books of Cheyenne Ltd. to record depletion costs for the first year. (Round per unit cost to 2 decimal places e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the journal entry on the books of Cheyenne Ltd. to record the cost of uranium sold for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit dy. SHOW LIST OF ACCOUNTS Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Trucks Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trucks Asset Retirement Obligation Automobiles Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures Gain on Disposal of Machinery Gain on Disposal of Truck Gain on Sale of Land Interest Expense Interest Payable Inventory Investment Property Land Liability for Site Restoration Loss on Disposal of Automobiles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Truck Loss on Expropriation Loss on Impairment Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures Gain on Disposal of Machinery Gain on Disposal of Truck Gain on Sale of Land Interest Expense Interest Payable Inventory Investment Property Land Liability for Site Restoration Loss on Disposal of Automobiles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Truck Loss on Expropriation Loss on Impairment Loss on Sale of Land Machinery Mineral Resources No Entry Notes Payable Oil Property Recovery of Loss from Impairment Repairs and Maintenance Expense Retained Earnings Revaluation Surplus (OCI) Revenue - Government Grants Royalty Expense Trucks