Thornton Industries began construction of a warehouse on July $1,2024.$ The project was completed on March $31,2025.$ No new loans Complete this question by entering your answers in the tabs below.

Calculate the amount of interest capitalized for $2025.$

Note: Do not round the intermediate calculations. Round your percentage answers to $1$ decimal place $($i$.$e$.0\mathrm{.}123$ should be entered as

$12\mathrm{.}3\%.$ Jackpot Mining Company operates a copper mine in central Montana. The company paid $$1,750,000$ in $2024$ for the mining site and

spent an additional $$750,000$ to prepare the mine for extraction of the copper. After the copper is extracted in approximately four

years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The

company has provided the following three cash flow possibilities for the restoration costs:

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

To aid extraction, Jackpot purchased some new equipment on July $1,2024,$ for $$150,000.$ After the copper is removed from this mine,

the equipment will be sold for an estimated residual amount of $$35,000.$ There will be no residual value for the copper mine. The

credit$-$adjusted risk$-$free rate of interest is $10\%.$

The company expects to extract $11\mathrm{.}5$ million pounds of copper from the mine. Actual production was $3\mathrm{.}1$ million pounds in $2024$ and $4\mathrm{.}5$

million pounds in $2025.$

Required:

Compute depletion and depreciation on the mine and mining equipment for $2024$ and $2025.$ The units$-$of$-$production method is

used to calculate depreciation.

Note: The expected format for rounding is presented in the appropriate rows of the table. Round your final answers to nearest

whole dollar. Required:

Compute depletion and depreciation on the mine and mining equipment for $2024$ and $2025.$ The units$-$of$-$production method is used to calculate depreciation.

Note: The expected format for rounding is presented in the appropriate rows of the table. Round your final answers to nearest whole dollar.

$\backslash$table$[[$Restoration costs:,Cash outflow,Probability,$\backslash$table$[[$Probable$],[$Restoration$],[$Cost$]]],[$Possibility $1,450,000,15\%,],[$Possibility $2,550,000,45\%,],[$Possibility $3,750,000,40\%,],[$Table or Calculator function:$],[,,$n$=,4],[,,$i$=,],[$Present value of probable restoration costs$],[$Cost of copper mine:$],[$Mining site$],[$Development cost$],[$Restoration cost$],[$Depletion $($mine$)$:$,2024,2025,],[$Depletion per pound $($#$.$####$)],[$Pounds extracted$],[$Depletion$],[$Depreciation expense $($mining equipment$),2024,2025,],[$Depreciation per pound $($#$.$##$)],[$Pounds extracted$],[$Depreciation expense,,,$]]$Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight$-$

line basis since $2020,$ when it was acquired at a cost of $$13\mathrm{.}5$ million at the beginning of that year. Due to rapid technological advances

in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine$-$year life

points

Required:

Prepare the year$-$end journal entry for patent amortization in $2024.$ No amortization was recorded during the year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answer

in millions rounded to $2$ decimal places $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

Record amortization expense.

Note: Enter debits before credits.

were required to fund construction. Thornton does have the following two interest$-$bearing liabilities that were outstanding throughout

the construction period:

$$4,000,000,12\%$ note

$$6,000,000,7\%$ bonds

Construction expenditures incurred were as follows:

The company's fiscal year$-$end is December $31.$

Required:

Calculate the amount of interest capitalized for $2024$ and $2025.$

Complete this question by entering your answers in the tabs below.

$2024$

$2025$

Calculate the amount of interest capitalized for $2024.$

Note: Do not round the intermediate calculations. Round your percentage answers to $1$ decimal place $($i$.$e$.0\mathrm{.}123$ should be entered as $12\mathrm{.}3\%).$