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Culver Inc., a private company following ASPE, developed a new gold mine during 2023, and is required by provincial law to restore the site
Culver Inc., a private company following ASPE, developed a new gold mine during 2023, and is required by provincial law to restore the site to its previous condition once mining operations are completed. The company estimates that the mine will close in 20 years and that the land restoration will cost $5130000. Culver uses a 7% discount rate. To the nearest dollar, the adjusting entry to record accretion at the end of Year One is Gold Mine Asset Retirement Obligation Accretion Expense Asset Retirement Obligation Accretion Expense Asset Retirement Obligation Interest Expense Asset Retirement Obligation 92798 92798 256500 256500 92798 92798 92798 92798 Accounting for GST includes crediting GST Payable to record GST paid on inventory for resale. O debiting GST Payable to record GST collected from customers. O crediting GST Receivable to record GST collected from customers. O debiting GST Receivable to record GST paid to suppliers.
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