The company ECO mineral material ehf. bought land in the middle of 2019 and paid a total of ISK 435,000,000 for the land. The purpose of the purchase of the land is solely to process minerals in the land. The cost of setting up a production line amounted to a total of ISK 234,375,000. but the construction of the production line was completed at the end of 2019. The government demanded that the company receive a production license so that it returned the land after the operation in accordance with a certain environmental standard. The experts estimate that the additional cost of these projects will amount to ISK 90,000,000. At the end of the project (when working minerals have been studied), it is estimated that the fair value of the land will be ISK 150,000,000. At the time of the purchase of the land, there was an estimate from an expert that 9,375 thous. tons of minerals in the country.

Operations began at the beginning of 2020 and the company earned a total of 2,750 thous. tonnes of minerals in the year 2020. Costs for employees (salaries and salary-related expenses) and other operating costs in the year 2020 amounted to a total of ISK 137,500,000.

The following needs to be resolved;

Calculate the cost price per tonne of minerals in 2020, divided into the following three items; a) minerals, b) production line depreciation and c) wages and other operating expenses. Show all calculations! Assume that the company has sold 1,950 thous. tonnes of minerals in 2020. What is the value of inventories in the annual accounts? What is the cost of goods sold in the annual accounts? Show all calculations! Based on the assumptions in point b, what is a) the value of the land and b) the value of the production line in the 2020 annual accounts? Show all calculations!

Can you please put this up in excel and show every calculation, and put behind every account whether it's in balance sheet (BS) or in income statement (I / S)