Nickel Mines International Ltd purchases a bauxite deposit, the Fowl Bay Mine, at a cost of $200,000,000
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Instructions
(a) Record any obligation for land reclamation as at January 1, 2006.
(b) Record any entries required related to this mine and the obligation as at December 31, 2006. Nickel uses straight line amortization and the estimated residual value of the mine is $500,000.
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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