On January 1, 2020, UML Resources entered into an agreement with the state of Alaska to obtain the rights to operate a mineral mine for $8 million. As part of the agreement, UML agrees to restore the land to its original condition after mining operations are completed in approximately ten years. Management has provided the following possible outflows for the restoration costs that will occur ten years from now: Cash Outflow Probability $ 100,000 10 % $ 200,000 50 % $ 300,000 40 % UML's credit-adjusted risk-free interest rate is 6%. The asset retirement obligation (rounded) that should be recognized by UML at the beginning of the extraction activities is:
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Motonous corporation has completed its fiscal year and reported the following information. the company had current assets of $153,413, net fixed assets of $ 412,331, and other assets of $7,822. the firm also has current liabilities worth $65,314, long-term debt of $178,334, and common stock of $162,000. how much retained earnings does the firm have?
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On January 1, 2020, UML Resources entered into an agreement with the state of Alaska to obtain the r...
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