Please answer BOTH PART A and PART B. Please and thank you!

PART A

PART B

2. Miyasawa Mining Company On Feb. 1, 2015, Miyasawa Mining Company purchased a mine for $80 million that is estimated 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. In 2015, 30 000 tonnes of ore were extracted. a) Calculate the amount of amortization that should be recorded on December 31, 2015. b) Calculate the amount of the restoration liability c) Show the journal entry for December 31, 2015. 3. MacDougall Brothers The income statement approach to estimating uncollectible accounts is used by MacDougall Brothers. On January 31 the firm had accounts receivable in the amount of $750 000. The Allowance for Doubtful Accounts had a credit balance of $5 250. The controller estimated that the uncollectible accounts expense would amount to one-half of 1% of the $4 500 000 of net sales made during January. This estimate was entered in the accounts by an adjusting entry on January 31. On February 12, an account receivable from Carlotta Smith in the amount of $4 125 was determined to be worthless and was written off. However, on February 24, Smith won several million dollars in the lottery and immediately paid her $4 125 past-due account. a) Prepare journal entries in general journal form for Jan. 31, Feb. 12, and Feb. 24. Answer all questions in full sentences. 1. What factors must a company consider when choosing an amortization method to use for a fixed asset? Be sure to refer to GAAP and the effect of the decision on the financial statements. 2. Why do companies choose to accept credit and debit cards as forms of payment? Outline the pros and cons of this business decision. 3. Explain how the matching principle relates to uncollectible accounts receivable. How do companies satisfy the matching principle in this area of accounting? 4. Outline the reasons a company records a note receivable on its balance sheet. What benefits does a company get from issuing this promissory note? 5. What is the Capital Cost Allowance and how does it affect the amortization of assets