11 Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities Jan. 1. Year 1 Purchased for 5215,000 silver sind estimated to contain 342,000 tons of silver ore, July 1, Year 1 Purchased for $1,650,000 cash e tract of land containing timer estimated to yield 3,040,000 board feet of lumber, At the time of purchase the and had an appraised of $199,000. Feb. 1, Year Purchased for 375,000 & Rold in stimated to yield 29,900 tons of gold veined ore Sept.1, Yede Purchased ou reserves for $70,000. The reserves were estimated to contain 244,000 barrels of all of which 16,000 would be profitable to pump Required a. Prepare the journal entries to account for the following tt) The Year 1 Durchases 2) Depletion on the Your purchases, assuming that 66.000 tons of silver were mined and 1018,000 board foot of lumber were cut 14 Depletion on the four natural resource assets assuming that 62.000 tons of sverore, 1196,000 board feet of lumber 8,900 tons of gold ore, and 77000 borrels of os were extracted b. Prepare the portion of the December 31 Year 2 balance sheet that reports natural resources c. Assume that in Year 3 the estimates changed to reflect only 64 380 tons of gold ore remaining Prepare the depletion journal entry in Year 3 to account for the extraction of 45,066 tons of gold ore Required A Required B Required Prepare the journal entries to account for the following: (1) The Year I purchases. (2) Depletion on the Year 1 purchases, assuming that 66,000 tons of silver were mined and 1,018,000 board feet of lumber were cut. (3) The Year 2 purchases. (4) Depletion on the four natural resource assets, assuming that 62,000 tons of silver ore, 1,196,000 board feet of lumber, 8,900 tons of gold ore, and 77,000 barrels of oil were extracted. (Round all cost estimated to 2 decimal places and final answers to the nearest dollar amount. Enter depletion expenses in the given order. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet 1 2 3 4 5 10 Record purchase of the silver mine for cash. Note: Enter debits before credits ge General Journal Debit Credit 1/1/Year 1 Complete this question by entering your answers in the Required A Required B Required C Prepare the portion of the December 31, Year 2, balance sheet nearest dollar amount.) Natural Resources Silver mine (less depletion) Timber (less depletion) Gold mine (less depletion) Oil reserves (less depletion) Total natural resources 0 Land Total $ 0