4 5 30 acres 7 20 years Construction Material Suppliers Inc, purchases farmland 150 acres at $ 12,000 per acre Additional amount needed to be invested to make the property mineable $ 5,200,000 Acreage not mineable because of property line setbacks, plant setup, stockpile area and sump & waste area The amount of limestone estimated to be mined from the remaining acreage is 100,000 T per acre The number of years the mine is expected to provide sales for the company The residual value of the land at the end of the mining is expected to be $ 280,000 The company mined limestone in 2019 of 550.000 T The company sold limestone in 2019 of 525.000 T The company sells the gravel for $ 5.00 per 1 10 11 12 14 Prepare the journal entries for mining and sales for 2019: 35 16 17 38 12 20 20 24 25