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Deferred Exploration and Mining Costs

The document records various transactions related to exploration and development of gold and silver mining sites from 2021 to 2024. In 2021, deferred exploration costs were recorded for gold and silver sites. In 2023, deferred exploration costs for gold were transferred to mine development costs, while costs for silver were expensed. Intangible development costs and revenue for gold were also recorded. Mine development and intangible development costs for gold were transferred to mine and mining properties. An estimated restoration liability was also recorded. In 2024, depletion expense was recorded using the units-of-production method based on the mine and mining properties balance.

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515 views4 pages

Deferred Exploration and Mining Costs

The document records various transactions related to exploration and development of gold and silver mining sites from 2021 to 2024. In 2021, deferred exploration costs were recorded for gold and silver sites. In 2023, deferred exploration costs for gold were transferred to mine development costs, while costs for silver were expensed. Intangible development costs and revenue for gold were also recorded. Mine development and intangible development costs for gold were transferred to mine and mining properties. An estimated restoration liability was also recorded. In 2024, depletion expense was recorded using the units-of-production method based on the mine and mining properties balance.

Uploaded by

Levi's Dishwasher
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

2021

May-09 Deferred Exploration Cost - Gold


Cash
To record the Deferred Exploration Cost for Site Gold

Deferred Exploration Cost - Silver


Cash
To record the Deferred Exploration Cost for Site Silver

2023
Jul-01 Mine Development Costs - Gold
Deferred Exploration Cost - Gold
To transfer Deferred Exploration Cost to Mine Development Cost
of Site Gold

Exploration Expense - Silver


Deferred Exploration Cost - Silver
To expense the Deferred Exploration Cost of Site Silver

Intangible Development Costs - Gold


Cash
To record the subsequent intangible development cost of Site Gold

Cash
Intangible Development Costs - Gold
To record the revenue earned during commissioning period

Dec-31 Mine and Mining Properties - Gold


Mine Development Costs - Gold
To transfer the amounts of Mine Development Costs to Mine
and Mining Properties of Site Gold

Mine and Mining Properties - Gold


Intangible Development Costs - Gold
To transfer the amount of subsequent intangible development
cost net of any revenue earned to Mine and Mining Properties

Mine and Mining Properties - Gold


Estimated Restoration Cost
To record the estimated liability for restoration cost

2024
Dec-31 Depletion Expense - Gold
Accumulated Depletion
To record the Depletion for 2024

Mine and Mining Properties - Gold


Restoration Cost
Total cost
Depletion rate
Depletion Expense

Group Members:
1. Castrence Xyrel John M.
2. Platero, Von Lenard A
3. Agustin, Micah Venice P.
4. Ambrocio, Guila Charity P.
5. Aranas, Via Nicole D.
6. De Leon, Hazel Naomi B.
7. Magtulis, Lorraine Anne D.
8. Mallari, Owen T.
9. Palitayan, Jovele L.
10. Sevilla, Nicole Anne M.
1,970,000,000.00
1,970,000,000.00

2,020,000,000.00
2,020,000,000.00

1,970,000,000.00
1,970,000,000.00

2,020,000,000.00
2,020,000,000.00

1,100,000,000.00
1,100,000,000.00

200,000,000.00
200,000,000.00

1,970,000,000.00
1,970,000,000.00

900,000,000.00
900,000,000.00

44,770,000.00
44,770,000.00

641,249,400.00
641,249,400.00

2,870,000,000.00
44,770,000.00
2,914,770,000.00
0.22
641,249,400.00

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