do this please on a computer if possible
PRACTICE EXERCISE Record your answers for each of the following: 1. Zaara's Mining Co. purchased a mine for $8 million on July 1, 2018. The mine will generate an estimated 30 million tonnes of nickel. The mine has a residual value of $500 000, and the restoration cost at the end of the mine's useful life is estimated at $600 000. In the first year, 5 million tonnes of nickel were extracted Prepare the journal entry to record the amortization expense for the first year, ended June 30, 2019, 2. The following are the transactions concerning the intangible assets of Beaufort Corporation for 2018: Jan 1-Paid $200 000 for the artistic development of a trademark. Also paid $50 000 to register the trademark and for the associated legal fees. The useful life of the trademark is indefinite. Feb 15 - Purchased a patent with an eight year useful life for $480 000. March 15. Goodwill was purchased along with the assets of another company for $50 000. It has an indefinite useful life. April 1 - Research and development costs were incurred amounting to $550 cao. There is no marketable product identified to these costs Dec 31 - Any amortization on the previous intangible assets is calculated and recorded Instructions: a) Record the journal entries for the above transactions b) Record the entries needed for amortization of these assets as at December 31, 2018 PRACTICE EXERCISE Record your answers for each of the following 1 Zaanse Mining Co. purchased a mine for million on July 1, 2018. The mine will generate an estimated 30 million tonnes of nickel The mine has a residual value of $500 000, and the restoration cost at the end of the mine's useful be is estimated at $600.000. In the first year, 5 million tonnes of rackel were extracted Prepare the journal entry to record the amortization expense for the first year ended June 30,2019, 2. The following are the transactions concerning the intangible assets of Beaufort Corporation for 2018 Jan 1-Paid 200 000 for the artistic development of a trademark. Also paid 50 000 to register the trademand for the associated legal fees. The useful life of the trademark is indefinite Feb 16 Purchased a patent with an eight year useful life for $480000 March 15- Goodwili was purchased along with the assets of another company for 350 000 it has an indefinite artista life Apeil 1 - Research and development costs were incurred amounting to $550 000. There is no marketable product Identified to these costo Dec 31 Any amortization on the previous intangible assets is calculated and recorded Instructions a) Record the journal entries for the above transactions b) Record the entries needed for amortization of these assets as at December 31, 2018
