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if you can help good if not you can leave it for someone else to answer. im not looking to oay more money Jackpot Mining
if you can help good if not you can leave it for someone else to answer. im not looking to oay more money
Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,250,000 in 2024 for the mining site anc spent an additional $650,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four years, the company is required to restore the land to its original condition, Including repaving of roads and replacing a greenbelt. Th company has provided the following three cash flow possibilities for the restoration costs: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1 ) To aid extraction, Jackpot purchased some new equipment on July 1,2024 , for $170,000. After the copper is removed from this mine the equlpment will be sold. The credit-adjusted, risk-free rate of interest is 10%. Required: 1. Determine the cost of the copper mine. 2. Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment. Complete this question by entering your answers in the tabs below. Determine the cost of the copper mine. Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar. ristar Production Company began operations on September 1, 2024. Listed below are a number of transactions that occurred during is first four months of operations. 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $180,000 in cash for the property. According to appraisals, the land had a fair value of $134,000 and the bullding had a fair value of $66,000. 2. On September 1, Tristar signed a $48,000 noninterest-bearing note to purchase equipment. The $48,000 payment is due on September 1, 2025. Assume that 9% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,300. 4. On September 18, the company paid its lawyer $7,000 for organizing the corporation, 5. On October 10, Tristar purchased equipment for cash. The purchase price was $23,000 and $900 in freight charges also were paid. 6. On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $6,300 normal cash price. The supplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. The fair value of the stock is not readily determinable. 7. On December 10, the company acquired a tract of land at a cost of $28,000. It paid $6,000 down and signed a 11% note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note. Required: Prepare journal entries to record each of the above transactions. Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar. (EV of \$1, PV of \$1. EVA of \$1, EVA of \$1, EVAD of \$1 and PVAD of 511 Journal entry worksheet 234567 On September 1 , the company acquired five acres of land with a bullding that will be used as a warchouse. Tistar paid $180,000 in cosh for the property. According to appraisals, the land had a fair value of $134,000 and the building had a fair value of $66,000 Step by Step Solution
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