Black Mountain Ski Resort has been granted a $20-$year permit to develop and operate a skiing operation in a national park. After $20$ years the site must be returned to its original condition. The roads may remain, as they can be used for fire prevention purposes. In the spring and summer before the ski hill opened, the following transactions and events occurred:

Installed three ski lifts for a total cost of $$150,000,000.$ It is estimated that the scrap metal from the lifts could be sold for $$4,000,000$ at the end of the $20$ years.

Built a ski chalet for $$70,000,000$

Removed trees and cleared the area for ski runs at a cost of $$40,000,000$

Received $$10,000,000$ for the trees that were removed for the ski runs

Put in roads for a cost of $$50,000,000$

Paved an area at the base of the mountain for a parking lot at a cost of $$10,000,000$

Estimated that it would cost $$20,000,000$ to dismantle the ski lifts in $20$ years. The chalet could be removed for a cost of $$15,000,000.$ Re$-$foresting the site would cost $$5,000,000.$ Removing the parking lot will cost $$3,000,000.$

Required:

Prepare journal entries to record transactions $($i$)$ to $($vi$).$

Prepare a journal entry to record transaction $($vii$).$ Assume all these costs will be set up in a single account called $$site restoration cost.$$ Assume a $6\%$ discount rate.

Record all year$-$end journal entries for the above items for the first year of operations. The company used the straight$-$line method to record depreciation for all assets.

Prepare only those journal entries for the second and third year of operations, which would be different from those completed in $($c$).$

Prepare the balance sheet presentation of all the accounts involved in this question for the end of the third year of operations.

Assume at the end of the project the actual total cost of restoring the site is $$43,000,000,$ as originally estimated. Prepare the journal entry to record the payment of these costs.

What would be the total expenses associated with the site restoration in the first and second years of operations? In the last $(20$th$)$ year?