2. 14 marks A. Cuono Mining Co. purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million. In the first year, 6 million tonnes of ore are extracted and sold. (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003. 2. 14 marks A. Cuono Mining Co. purchased for $7 million a mine that is estimated to have 28 million tonnes of ore, a residual value of $500,000, and estimated restoration costs at the end of its useful life of $1 million. In the first year, 6 million tonnes of ore are extracted and sold. (a) Prepare the journal entry to record the amortization expense for the first year ended August 31, 2003