In December 1997, Brown Company acquired a mine for \(\$ 2,700,000\). The mine contained an estimated 10 million tons of ore. It was also estimated that the land would have a value of \(\$ 240,000\) when the mine was exhausted and that only 4 million tons of ore could be economically extracted. A building was erected on the property at a cost of \(\$ 360,000\). The building had an estimated useful life of 35 years and no salvage value. Specialized mining equipment was installed at a cost of \(\$ 495,000\). This equipment had an estimated useful life of seven years and an estimated \(\$ 33,000\) salvage value. The company began operating on January 1, 1998 and put all of its assets into use on that date. During the year ended December 31, 1998, 400,000 tons of ore were extracted. The company decided to use the units-of-production method to record depreciation on the building and the straight-line method to record depreciation on the equipment.

Prepare journal entries to record the depletion and depreciation charges for the year ended December 31, 1998. Show calculations.