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Marvelous Company acquired a coal mine at a cost of P25,000,000. Intangible development costs totaled...

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Accounting

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Marvelous Company acquired a coal mine at a cost of P25,000,000. Intangible development costs totaled P6,000,000. After extraction has occurred, the entity must restore the property and the estimated fair value of the obligation is P3,000,000. The property can be sold for P8,500,000 after restoration. The entity estimated that 500,000 tons of coal could be extracted. The entity extracted 90,000 tons in the first year

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