On January 1, 2020, UML Resources entered into an agreement with the state of Alaska to obtain the rights to operate a mineral mine for $8 million. As part of the agreement, UML agrees to restore the land to its original condition after mining operations are completed in approximately ten years. Management has provided the following possible outflows for the restoration costs that will occur ten years from now: Cash Outflow Probability $ 100,000 10 % $ 200,000 50 % $ 300,000 40 % UML's credit-adjusted risk-free interest rate is 6%. The asset retirement obligation (rounded) that should be recognized by UML at the beginning of the extraction activities is:

In a market economy, supply and demand are important because theya. (i) play a critical role in the allocation of the economy's scarce resources.b. (ii) determine how much of each good gets produced.c. (iii) can be used to predict the impact on the economy of various events and policies.d. all of (i), (ii), and (iii) are correct.

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Why does the downward-sloping production possibilities curve imply that factors of production are scarce?