Marin Corporation acquires a gold mine at a cost of 409,000.

Question 5 Marin Corporation acquires a gold mine at a cost of $409,000. Development costs that were incurred total $107,000, including $10,200 of depreciation on movable equipment to construct mine shafts. Based on construction to date, the legal obligation to restore the property after the mine is exhausted has a present value of $75,000. Marin has publicly pledged an additional $21,600 (present value) for improved reclamation of the area surrounding the mine. Prepare the journal entries to record the cost of the natural resource if Marin prepares financial statements in accordance with IFRS. (Hint: Use a Mineral Resources account.) (Credit account titles 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the purchase and development costs of gold mine) (To record cost of construction of mine shafts) (To record asset retirement obligation)Prepare the journal entries to record the cost of the natural resource if Marin prepares financial statements in accordance with ASPE. (Hint: Use a Mineral Resources account.) (Credit account titles 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the purchase and development costs of gold mine) To record cost of construction of mine shafts) (To record asset retirement obligation)