Reference no: EM132669800
Company A acquired a silver mine for P50,000 in 2017. The following year, the entity constructed the if:
Roads P5,000,000 Other development costs P750.000
At this date. residual value of the mine was estimated to be P600.000.
In 2019. theft costs were incurred:
Construction costs for a building to house mine workers P2,000.000
Est. residual value of the building P200.000 It was estimated that 4,000.000
silver ores would be extracted from the mine.
During 2020 and 2021.
workers were able to remove 500.000 tons and 1.000.000 tons of silver, respectively.
During 2021, it was estimated that an additional 3.000.000
tons of silver ores would be mined in addition to the original 4.000,000 ores.
In addition, the following costs were incurred in 2021:
Additional development costs P1,300,000
Additional building to house workers (no residual) P375,000
Problem 1: Prepare journal entries from 2017 to 2021.
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