Nickel Mines International Ltd$.($NMIL$)$ purchased a new bauxite deposit, the Fowl

Bay Mine, on January $1,2015,$ for $$24$ million. Legal expenses incurred with respect to

the transaction totaled $$500,000$ and NMIL received a government grant equal to $20\%$ of

the purchase price in return for converting the land to a natural state at the end of mining

activity. NMIL estimates that it will operate the mine for $25$ years, at which time it will

cost $$25$ million for the land reclamation project. NMIL uses $8\%$ for discount rate

Required: Provide all relevant journal entries in regards to the above for year $2016.$