on january 1 year 1 monroe minerals company purchases a copper mine for $123500000. the mine was expected to produce 50,000 tons of copper over its useful life. during year 1, the company extracted 6,700 tons of copper. the copper was sold for $5200 per ton. assume the company incurred $8,645,000 in operating expenses during year 1. what is the amount of net income for year 1?

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.