Question: please full calculation and explanation os 9-19 Intangible assets and amortization LO7 Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru

 please full calculation and explanation os 9-19 Intangible assets and amortization

please full calculation and explanation

os 9-19 Intangible assets and amortization LO7 Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru on October 1, 2017. by paying cash rick also paid $4,000,000 cash for water rights needed to mine the gold. Barrick is planning to mine this of $5,000,000 and incurring a non-current note payable for the $30,000,000 balance. Bar- area for 10 years. Record the purchase of the mineral rights and water rights on October 1,2017, and the ortization on December 31, 2017, Barrick's year-end. Assume Barrick uses the straight-line method to amortize intangibles

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!