How would you answer the following questions? tsp 1. Should Phil N. Tropic recognize his lottery ticket as an asset in his financial statements? I mmo m 1. lot n 2. Assuming that Phil N. Tropic recognizes the lottery ticket as an asset, at what amount should it be reported? Some possible answers are $150, $100, and $90. SITUATION 2: The $20 Million Question The Hard Rock Mining Company has just completed the first year of operations at its new strip mine, the Lone- some Doe. Hard Rock spent $10 million for the land and s20 million in preparing the site for mining operations. The mine is operate for 20 years. Hard Rock is subject to environmental statutes requiring it to re expected to store the Lonesome Doe site on completion of mining operations. Based on its experience and industry data, as well as c technology, Hard Rock forecasts that restora- tion will cost about $10 million when it is undertaken. of those costs, about s4 million is for restoring the topsoil that was removed in preparing the site for mining operations (prior to opening the mine): the rest is directly pro- portional to the depth of the mine, which in turn is directly proportional to the amount of ore extracted. How would you answer the following questions? 1. Should Hard Rock recognize a liability for site restoration in conjunction with the opening of the Lonesome Doe