Heavy Metals Inc. developed a new iron mine on January 5, 2022. They are required by...

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Heavy Metals Inc. developed a new iron mine on January 5, 2022. They are required by provincial law to restore the site to its previous condition once mining operations are completed. The company estimates that the mine will close in 30 years and that the land restoration will cost $15,000,000. They use a 6.5% discount rate, and they use IFRS. Required Complete the following with the details provided above. All questions requiring time value of money calculations should be done using a financial calculator. A. Provide the January 5, 2022 journal entry to record the asset retirement obligation. (4 marks) B. Record the December 31, 2022 year-end adjusting entries. (6 marks) Heavy Metals Inc. developed a new iron mine on January 5, 2022. They are required by provincial law to restore the site to its previous condition once mining operations are completed. The company estimates that the mine will close in 30 years and that the land restoration will cost $15,000,000. They use a 6.5% discount rate, and they use IFRS. Required Complete the following with the details provided above. All questions requiring time value of money calculations should be done using a financial calculator. A. Provide the January 5, 2022 journal entry to record the asset retirement obligation. (4 marks) B. Record the December 31, 2022 year-end adjusting entries. (6 marks)

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A The January 5 2022 journal entry to record the asset retirement obligation Journal Entry Date Janu... View the full answer