Exercise 9-11 On July 1, 2014, Phillips Exploration Inc. invests $1,300,280 million in a mine that is estimated to have 800,070 tonnes of ore. The company estimates that the property will be sold for $99,820 when production at the mine has ended. During the last six months of 2014, 99,610 tonnes of ore are mined and sold. Phillips has a December 31 fiscal year end. Record the 2014 depreciation. (Credit account tities 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. Round unit per tonne to 2 decimal places, e.g. 5.27 and final answers to o decimal places, e.g. 5,271.) Date Account Titles and Explanation Debit Credit Dec. 31 Show how the mine and any related accounts are reported on the December 31, 2014, income statement. PHILLIPS EXPLORATION INC. Income Statement (Partial) Year Ended December 31, 2014 Show how the mine and any related accounts are reported on the December 31, 2014, balance sheet. PHILLIPS EXPLORATION INC. Balance Sheet (Partial) December 31, 2014 Assets UT Assume that the selling price of ore has dropped significantly after December 31, 2014. By June 30, 2015, it is $1.20 per tonne. Does this indicate that the mine may be impaired? you would like to show Work for this question: Qren Show Work Yes NO