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Yam Corp acquired the right to mine a piece of land at a cost of $300,000. The related excavation costs were $500,000, while development costs

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Yam Corp acquired the right to mine a piece of land at a cost of $300,000. The related excavation costs were $500,000, while development costs were an additional $100,000, all of which will contribute to Yam extracting an expected 30,000 tonnes. In the first year of operations Yam mined 5,000 tonnes and sold 4,000 tonnes. Instructions: What amounts will be shown on the Statement of Financial Position and Income Statement at the end of year 1 as a result of mining operations

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