uOstionn Hoip Kabat Koal Company, Inc. purchased a new mining machine at a total cost of $1,220,000 on the first day of its fiscal year. The firm estimates that the machine has a useful life of six years or 8,000,000 tons of coal and a residual value of $80,000 at the end of its useful life. The following schedule indicates the actual number of tons of coal mined with the machine per year E(Click the icon to view the schedule.) (Click the icon to view the depreciation schedule.) Prepare the requd footnote disclosure under IFRS for Kabat Koal Company, Inc.'s property, plant, and equipment for years 1 and 2, including a statement of its accounting policy and a table with account balances. Begin by recording the statement of Kabat Koal Company, Inc. accounting policy. Machinery is stated at and depreciated using the method over the life of the asset, estimated to be years achine at a total cost of $1,220,000 on the first day of its fiscal year. The fim residual value of $80,000 at the end of its useful life. The following schedu the i Data Table for X nent for years 1 am Year Tons of Coal mpar 1 690,000 using f the asset, estimate 2 1,430,000 3 1,570,000 4 990,000 5 730,000 6 2,590,000 Print Done ck Check Answer. tes th iReference es the Depreciation Schedule for Kabat Koal Company, Inc.'s uding a End-of-Year End-of-Year Depreciation Original Accumulated Net Book Value mi Year Expense Cost Depreciation (NBV) 1 $ 190,000 $ 1,220,000 $ 190,000 $ 380,000 570,000 760,000 950,000 1,030,000 2 190,000 1,220,000 840,000 190,000 190,000 190,000 190,000 1,220,000 650,000 1,220,000 1,220,000 460,000 5 270,000 6 1,220,000 1,140,000 80,000 1,140,000 Total nswer Print Done Clear All Check Answer st