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KAT Inc. is a global producer and marketer of rolled aluminum products. Suppose KAT Inc....

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KAT Inc. is a global producer and marketer of rolled aluminum products. Suppose KAT Inc. paid $4.4 million cash on July 1,2019 , for a lease giving the firm the right to work a mine that contained an estimated 500,000 tonnes of bauxite. Assume that the company also paid $39,000 to remove unwanted buildings from the land and $131,000 to prepare the surface for mining. Further assume that KAT Inc. signed a $144,000 note payable to a landscaping company to return the land surface to its original condition after the lease ends. During the first year, KAT Inc. removed 42,000 tonnes of bauxite, which it sold on account for $42 per tonne. Required 1. Make general journal entries to record all transactions related to the bauxite, including amortization and sale of the first year's production on June 30,2020 . 2. Show the accounts and amounts that would be presented on the balance sheet. Requirement 1. Make general journal entries to record all transactions related to the bauxite, including amortization and sale of the first year's production. Record the payment for the right to work a mine. (Record debits first, then credits. Exclude explanations from journal entries. Enter the amount in full.) Record the payment to prepare the surface for mining

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