Part B Consists of 5 questions for a total of 85 marks. Each question should be answered on the answer booklet provided. (18 marks) Question 1Extractive Industries ABC Mining company paid $5.6 million for a mining property on 1 July 2016 after the geologists of the exploration company estimated that a gold deposit found on the property would produce 42 000 ounces of gold. In each of the years 2016-2017 and 2017-2018, ABC spent $225 000 per annum developing the property and, during 2017-2018, the company purchased and installed the following assets: Estimated useful life Mine building 25 years 000 00SS Mining equipment 15 years 000 0Z88 Processing equipment 000 0925 The buildings and mining equipment cannot be economically removed from the mine site, but the processing equipment can be removed. On 30 June 2018, engineers estimate that development and construction activities have resulted in $680 000 worth of restoration costs that ABC is obligated to spend at the end rate of 8 % as relevant for its gold operations. unoosip e suuou Kueduuoo au uonejsrso eamuouuoo Japun a s,ouu jo Production started on 1 July 2018 and company geologists estimate that it will take eight years to exhaust the cconomically recoverable reserves, after which time the mine property is expected to be sold for $100 000. Activities in the 2018-19 financial period Ounces of gold mined 5 500 Ounces of gold sold 008 Selling price per ounce $510 000 (uomantitoooe pue uonesaudsp aiojs) at ootold 000 06S Selling expenses 000 SOZS 000 0STS asuadxa xe] ouiou REQUIRED: (1) What are the depreciation expense and the amortisation expense for the year ended 30 June 2019? (11 marks) (2) What is the cost of goods sold (COGS) for the year ended 30 June 2019? (4 marks) (3) What is the finance cost related to restoration for the year ended 30 June 2019? (3 marks) Show your calculations. Round to the nearest $ amount