On Feb. 1, 2002, Miyasawa Mining Company purchased for $80 million a mine which is estimated to have 250,000 tonnes of ore and a residual value of $3 million. The cost of restoration at the end of the useful life is estimated at $8 million. During the first year, 50,000 tonnes was mined. Calculate the amount of amortization with entry that should be recorded on December 31, 2002 as well as calculate the restoration liability.