Kitkan Inc. is a global producer and marketer of rolled aluminum products. Suppose Kitkan inc. paid exist4.4 million cash for a lease giving the firm the right to work a mine that, contained an estimated 400,000 tonnes of bauxite. Assume that the company paid exist30,000 to remove unwanted buildings from the land and exist130,000 to prepare the surface for mining. Further assume that Kitkan Inc. signed a exist140,000 note payable to a landscaping company to return the land surface to its original condition after the lease ends. During the first year, Kitkan Inc, removed 37,000 tonnes of bauxite, which it sold on account for exist40 per tonnes. Required Make general journal entries to record all transactions related to the bauxite, including amortization and sale of the first year's production. Show the accounts and amounts that would be presented on the balance sheet. Part 2 The Roasted Bean Ltd. operates franchised coffee shops. Assume that The Roasted Bean Ltd. purchased another company, which carried these figures: Required Make the general journal entry to record The Roasted Bean Ltd. 's purchase of the other company for exist2.5 million cash. How should The Roasted Bean Ltd. account for goodwill at year end and in the future? Explain in detail. Part 3 Suppose Susan McMillan purchased a Roasted Bean franchise license for exist250,000. In addition to the basic purchase price, McMillan also paid a lawyer exist8,000 for assistance with