Question: Please answer correct . its a very important question for me Please type the answer by excel, thank you. A company purchased a gold mine

Please answer correct . its a very important question for me

Please answer correct . its a very important question for me Please

Please type the answer by excel, thank you. A company purchased a gold mine at a cost of $300,000 on January 1, 202 1. Development costs to prepare the mine for the intended use totalled $115,000. The legal obligation to restore the property after the mine has been exhausted is $240,000. The relevant discount rate is 656 and the useful life is 25 years. The company's year end is December 31". Required: A} Prepare the journal entry to record the acquisition of the asset on January 1, 2021 assuming cash is used to pay for the asset and related costs. at Prepare the December 31, 2021 and December 31, 2022 journal entries. C] Based on technological advances assume that in 2036 the costs to deoommission the asset are re-estimated to $215,000. Prepare the journal entry to record this change on January 1st, 2036 and the required adjusting entries on December 31, 2036. 0) Use of the mine wrapped up earlier than expected in January 203. The actual cost of decommissioning the asset was $185,000. Record the journal entries to report the decommissioning of the asset

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