Sheldon Exploration Corp. (SEC) is in the exploration and evaluation phases of mining for zinc in Manitoba. The company incurred the following costs in 2020:  Prospecting costs $175,000 Mine closure costs 13,000 Trenching and sampling costs 108,000 Costs to transport zinc from the mine for processing 46,000 Exploratory drilling costs 60,000 Extraction costs 550,000 SEC reports under IFRS. What are SEC’s exploration and evaluation costs for the zinc mine in 2020? Question 15 options:

Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 2021 for the mining site and spent an additional $600,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.): 1 2 3 Cash Outflow $300,000 400,000 600,000 Probability 25% 40% 35% To aid extraction, Jackpot purchased some new equipment on July 1, 2021, for $120,000. After the copper is removed from this mine. the equipment will be sold for an estimated residual amount of $20,000. There will be no residual value for the copper mine. The credit-adjusted risk-free rate of interest is 10%. The company…