Smith Sand and Gravel (SSG) is a privately-owned construction materials company that supplies the construction industry in the GTA. SSG received preliminary permission to operate an open pit gravel site on the escarpment last year and has cleared the land to expose the limestone deposit. As of June 1, 2020, the final permits were issued by the loca

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Smith Sand and Gravel (SSG) is a privately-owned construction materials company that supplies the construction industry in the GTA. SSG received preliminary permission to operate an open pit gravel site on the escarpment last year and has cleared the land to expose the limestone deposit. As of June 1, 2020, the final permits were issued by the local municipality. The permits include a legal requirement to remediate the site with high quality fill and topsoil when the site is exhausted in 19 years. SSG estimates that the cost of remediation in 19 years will be $14,000,000. SSG has a December 31 year end. Their relevant cost of funds is 2% and the firm uses straight line depreciation. A) Provide the journal entries related to the permits issued by the municipality throughout fiscal 2020. B) In its first month of operations in June 2020, SSG's new site sold 12,000 tonnes of crushed gravel at $20 and 1,400 tonnes of clear gravel at $80. HST at 13% was charged on every sale. Provide the journal entry to record the June sales. Note that all sales were on credit with established customers. Ignore any cost of sales.Show work pls   Present Value Factor Present Value Factors          1%2%3%4%5%6%7%8%9%10%11%12%10.99010.98040.97090.96150.95240.94340.93460.92590.91740.90910.90090.892920.98030.96120.94260.92460.90700.89000.87340.85730.84170.82640.81160.797230.97060.94230.91510.88900.86380.83960.81630.79380.77220.75130.73120.711840.96100.92380.88850.85480.82270.79210.76290.73500.70840.6830

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	Present Value Factors
	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%
1	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9346	0.9259	0.9174	0.9091	0.9009	0.8929
2	0.9803	0.9612	0.9426	0.9246	0.9070	0.8900	0.8734	0.8573	0.8417	0.8264	0.8116	0.7972
3	0.9706	0.9423	0.9151	0.8890	0.8638	0.8396	0.8163	0.7938	0.7722	0.7513	0.7312	0.7118
4	0.9610	0.9238	0.8885	0.8548	0.8227	0.7921	0.7629	0.7350	0.7084	0.6830	0.6587	0.6355
5	0.9515	0.9057	0.8626	0.8219	0.7835	0.7473	0.7130	0.6806	0.6499	0.6209	0.5935	0.5674
6	0.9420	0.8880	0.8375	0.7903	0.7462	0.7050	0.6663	0.6302	0.5963	0.5645	0.5346	0.5066
7	0.9327	0.8706	0.8131	0.7599	0.7107	0.6651	0.6227	0.5835	0.5470	0.5132	0.4817	0.4523
8	0.9235	0.8535	0.7894	0.7307	0.6768	0.6274	0.5820	0.5403	0.5019	0.4665	0.4339	0.4039
9	0.9143	0.8368	0.7664	0.7026	0.6446	0.5919	0.5439	0.5002	0.4604	0.4241	0.3909	0.3606
10	0.9053	0.8203	0.7441	0.6756	0.6139	0.5584	0.5083	0.4632	0.4224	0.3855	0.3522	0.3220
11	0.8963	0.8043	0.7224	0.6496	0.5847	0.5268	0.4751	0.4289	0.3875	0.3505	0.3173	0.2875
12	0.8874	0.7885	0.7014	0.6246	0.5568	0.4970	0.4440	0.3971	0.3555	0.3186	0.2858	0.2567
13	0.8787	0.7730	0.6810	0.6006	0.5303	0.4688	0.4150	0.3677	0.3262	0.2897	0.2575	0.2292
14	0.8700	0.7579	0.6611	0.5775	0.5051	0.4423	0.3878	0.3405	0.2992	0.2633	0.2320	0.2046
15	0.8613	0.7430	0.6419	0.5553	0.4810	0.4173	0.3624	0.3152	0.2745	0.2394	0.2090	0.1827
16	0.8528	0.7284	0.6232	0.5339	0.4581	0.3936	0.3387	0.2919	0.2519	0.2176	0.1883	0.1631
17	0.8444	0.7142	0.6050	0.5134	0.4363	0.3714	0.3166	0.2703	0.2311	0.1978	0.1696	0.1456
18	0.8360	0.7002	0.5874	0.4936	0.4155	0.3503	0.2959	0.2502	0.2120	0.1799	0.1528	0.1300
19	0.8277	0.6864	0.5703	0.4746	0.3957	0.3305	0.2765	0.2317	0.1945	0.1635	0.1377	0.1161
20	0.8195	0.6730	0.5537	0.4564	0.3769	0.3118	0.2584	0.2145	0.1784	0.1486	0.1240	0.1037

	Present Value Factors of an Annuity
	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%
1	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9346	0.9259	0.9174	0.9091	0.9009	0.8929
2	1.9704	1.9416	1.9135	1.8861	1.8594	1.8334	1.8080	1.7833	1.7591	1.7355	1.7125	1.6901
3	2.9410	2.8839	2.8286	2.7751	2.7232	2.6730	2.6243	2.5771	2.5313	2.4869	2.4437	2.4018
4	3.9020	3.8077	3.7171	3.6299	3.5460	3.4651	3.3872	3.3121	3.2397	3.1699	3.1024	3.0373
5	4.8534	4.7135	4.5797	4.4518	4.3295	4.2124	4.1002	3.9927	3.8897	3.7908	3.6959	3.6048
6	5.7955	5.6014	5.4172	5.2421	5.0757	4.9173	4.7665	4.6229	4.4859	4.3553	4.2305	4.1114
7	6.7282	6.4720	6.2303	6.0021	5.7864	5.5824	5.3893	5.2064	5.0330	4.8684	4.7122	4.5638
8	7.6517	7.3255	7.0197	6.7327	6.4632	6.2098	5.9713	5.7466	5.5348	5.3349	5.1461	4.9676
9	8.5660	8.1622	7.7861	7.4353	7.1078	6.8017	6.5152	6.2469	5.9952	5.7590	5.5370	5.3282
10	9.4713	8.9826	8.5302	8.1109	7.7217	7.3601	7.0236	6.7101	6.4177	6.1446	5.8892	5.6502
11	10.3676	9.7868	9.2526	8.7605	8.3064	7.8869	7.4987	7.1390	6.8052	6.4951	6.2065	5.9377
12	11.2551	10.5753	9.9540	9.3851	8.8633	8.3838	7.9427	7.5361	7.1607	6.8137	6.4924	6.1944
13	12.1337	11.3484	10.6350	9.9856	9.3936	8.8527	8.3577	7.9038	7.4869	7.1034	6.7499	6.4235
14	13.0037	12.1062	11.2961	10.5631	9.8986	9.2950	8.7455	8.2442	7.7862	7.3667	6.9819	6.6282
15	13.8651	12.8493	11.9379	11.1184	10.3797	9.7122	9.1079	8.5595	8.0607	7.6061	7.1909	6.8109
16	14.7179	13.5777	12.5611	11.6523	10.8378	10.1059	9.4466	8.8514	8.3126	7.8237	7.3792	6.9740
17	15.5623	14.2919	13.1661	12.1657	11.2741	10.4773	9.7632	9.1216	8.5436	8.0216	7.5488	7.1196
18	16.3983	14.9920	13.7535	12.6593	11.6896	10.8276	10.0591	9.3719	8.7556	8.2014	7.7016	7.2497
19	17.2260	15.6785	14.3238	13.1339	12.0853	11.1581	10.3356	9.6036	8.9501	8.3649	7.8393	7.3658
20	18.0456	16.3514	14.8775	13.5903	12.4622	11.4699	10.5940	9.8181	9.1285	8.5136	7.9633	7.4694

	Present Value Factors of an Annuity Due
	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%
1	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000
2	1.9901	1.9804	1.9709	1.9615	1.9524	1.9434	1.9346	1.9259	1.9174	1.9091	1.9009	1.8929
3	2.9704	2.9416	2.9135	2.8861	2.8594	2.8334	2.8080	2.7833	2.7591	2.7355	2.7125	2.6901
4	3.9410	3.8839	3.8286	3.7751	3.7232	3.6730	3.6243	3.5771	3.5313	3.4869	3.4437	3.4018
5	4.9020	4.8077	4.7171	4.6299	4.5460	4.4651	4.3872	4.3121	4.2397	4.1699	4.1024	4.0373
6	5.8534	5.7135	5.5797	5.4518	5.3295	5.2124	5.1002	4.9927	4.8897	4.7908	4.6959	4.6048
7	6.7955	6.6014	6.4172	6.2421	6.0757	5.9173	5.7665	5.6229	5.4859	5.3553	5.2305	5.1114
8	7.7282	7.4720	7.2303	7.0021	6.7864	6.5824	6.3893	6.2064	6.0330	5.8684	5.7122	5.5638
9	8.6517	8.3255	8.0197	7.7327	7.4632	7.2098	6.9713	6.7466	6.5348	6.3349	6.1461	5.9676
10	9.5660	9.1622	8.7861	8.4353	8.1078	7.8017	7.5152	7.2469	6.9952	6.7590	6.5370	6.3282
11	10.4713	9.9826	9.5302	9.1109	8.7217	8.3601	8.0236	7.7101	7.4177	7.1446	6.8892	6.6502
12	11.3676	10.7868	10.2526	9.7605	9.3064	8.8869	8.4987	8.1390	7.8052	7.4951	7.2065	6.9377
13	12.2551	11.5753	10.9540	10.3851	9.8633	9.3838	8.9427	8.5361	8.1607	7.8137	7.4924	7.1944
14	13.1337	12.3484	11.6350	10.9856	10.3936	9.8527	9.3577	8.9038	8.4869	8.1034	7.7499	7.4235
15	14.0037	13.1062	12.2961	11.5631	10.8986	10.2950	9.7455	9.2442	8.7862	8.3667	7.9819	7.6282
16	14.8651	13.8493	12.9379	12.1184	11.3797	10.7122	10.1079	9.5595	9.0607	8.6061	8.1909	7.8109
17	15.7179	14.5777	13.5611	12.6523	11.8378	11.1059	10.4466	9.8514	9.3126	8.8237	8.3792	7.9740
18	16.5623	15.2919	14.1661	13.1657	12.2741	11.4773	10.7632	10.1216	9.5436	9.0216	8.5488	8.1196
19	17.3983	15.9920	14.7535	13.6593	12.6896	11.8276	11.0591	10.3719	9.7556	9.2014	8.7016	8.2497
20	18.2260	16.6785	15.3238	14.1339	13.0853	12.1581	11.3356	10.6036	9.9501	9.3649	8.8393	8.3658

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