Nationalization of foreign investments

In August of 2022, a mining operation in an overseas territory was nationalized by the local government. Gamma Ten had insurance against such an event, and recorded the following upon settlement of the claim:

Cash 300,000,000

Accumulated depreciation 79,400,000

Unusual loss forfeiture of foreign assets 137,400,000

Land 68,000,000

Buildings and equipment 97,400,000

Natural resources mineral deposit 283,000,000

Inventory 68,400,000

The amount of the insurance settlement was determined as follows, based on fair values of the assets forfeited:

Land $ 10,000,000

Buildings and equipment 30,000,000

Natural resources 170,000,000

Inventory 90,000,000

Total $300,000,000

Joint Venture

On February 28, 2022, Gamma Ten made an investment in a shale oil joint venture. A 33.33% ownership stake in the joint venture was purchased for $8.8 million, and the investment was recorded as an equity method investment. The following was recorded at the time of the investment:

Equity method investment 8,800,000

Cash 8,800,000

For the year, the joint venture reported $3.3 million of net income, and paid $4.5 million in dividends. Since the joint venture has a single purpose to extract resources from a single natural resource deposit (at the conclusion of which, the company will be liquidated), all dividends are treated as returns of investment (not returns on investment). Gamma Ten records the following for its ownership in the joint venture for 2022:

Cash 1,500,000

Income from equity method investment 1,100,000

Equity method investment 400,000

Asset Retirement Obligation

Gamma Ten owned land with a book value of $2.7 million. On the land is a coal deposit, now fully depleted, and Gamma Ten also had a properly recorded asset retirement obligation of $4 million (included in Other current liabilities at the end of 2021) for the work required to restore the land after the completion of mining.

In April, 2022, GMI Environmental Solutions, Inc. was contracted to perform the cleanup work for $4 million. GMI agreed to accept in payment $2 million in cash and ownership of the land after the work was completed. The following was recorded:

Asset retirement obligation 4,000,000

Loss on disposal of land 700,000

Land 2,700,000

Cash 2,000,000

Please explain the treatment of each item given above according to the GAAP codification database.