nickel mines international ltd. purchased a new bauxite deposite, the fowl bay mine, on january 1,2015...

nickel mines international ltd. purchased a new bauxite deposite, the fowl bay mine, on january 1,2015 for 24 million. legal expenses incurred with respect to the transaction totaled $500000 and NMIL received a government geant equal to 20% of the purchase price in returb for converting land to a natural state at the end of mining activity. NMIL estimates that it will operate the mine for 25 years, at which time it wilo cost $25 million for the land reclamation projects. NMIl uses 8% for discount rare. provide all relevant journal entries in regards to above for 2016.

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