The following is the complete mineral exploration, development, and extraction history of Nikko Minerals Inc. Early in 2019, owners invested $50 million to start the company. No further financing was required. The company started explorations in 2019. However, all exploration efforts between 2019 and 2021 were unsuccessful. It was not until early in 2022 that Nikko found its one and only viable mineral deposit, which it immediately began to develop. It took two years to complete the development of the site and all the minerals were extracted in three years, starting in 2024. 

Required:

Assume Nikko used the successful efforts method to account for exploration costs and complete the following table. Balance sheet amounts should be presented as at the year-end of December 31. Note also that when the ore is extracted, capitalized exploration and development (E&D) costs are amortized using a units-of-production depletion rate, which is the accumulated deferred costs divided by the estimated units of ore discovered (6,000,000 units).

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Activity Exploration costs incurred and paid Exploration costs incurred and paid Exploration costs incurred and paid Development costs incurred and paid Development costs incurred and paid Estimated units of mineral resource Revenues and cash collected from sale of ore @ $13/unit Units of ore extracted Extraction costs incurred and paid Revenues and cash collected from sale of ore @ $16/unit Year 2019 2020 2021 2022 2023 2023 2024 2024 2024 2025 Amount $5,000,000 $7,000,000 $8,000,000 $10,000,000 $11,000,000 6,000,000 units $26,000,000 2,000,000 units $4,000,000 $40,000,000