A company pays $$782,800$ cash to acquire an iron mine on January $1.$ At that same time, it incurs additional costs of $$61,800$ cash to access the mine, which is estimated to hold $103,000$ tons of iron. The estimated value of the land after the iron is removed is $$20,600.$ Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Prepare the January $1$ entry to record the cost of the iron mine.

Prepare the December $31$ year$-$end adjusting entry if $20,900$ tons of iron are mined but only $18,600$ tons are sold this first year.

Martinez Company owns a building that appears on its prior year$-$end balance sheet at its original $$650,000$ cost less $$487,500$ accumulated depreciation. The building is depreciated on a straight$-$line basis assuming a $20-$year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $$65,000$ cost$.$ The repairs extend its useful life for $5$ years beyond the $20$ years originally estimated.

Determine the building's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Prepare the entry to record the cost of the structural repairs that are paid in cash.

Determine the book value of the building immediately after the repairs are recorded.

Prepare the entry to record the current calendar year's depreciation.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the bullding's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Age of the building

Martinez Company owns a building that appears on its prior year$-$end balance sheet at its original $$650,000$ cost less $$487,500$ accumulated depreciation. The building is depreciated on a straight$-$line basis assuming a $20-$year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $$65,000$ cost$.$ The repairs extend its useful life for $5$ years beyond the $20$ years originally estimated.

Determine the building's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Prepare the entry to record the cost of the structural repairs that are paid in cash.

Determine the book value of the building immediately after the repairs are recorded.

Prepare the entry to record the current calendar year's depreciation.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the bullding's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Age of the building

Martinez Company owns a building that appears on its prior year$-$end balance sheet at its original $$650,000$ cost less $$487,500$ accumulated depreciation. The building is depreciated on a straight$-$line basis assuming a $20-$year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $$65,000$ cost$.$ The repairs extend its useful life for $5$ years beyond the $20$ years originally estimated.

Determine the building's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Prepare the entry to record the cost of the structural repairs that are paid in cash.

Determine the book value of the building immediately after the repairs are recorded.

Prepare the entry to record the current calendar year's depreciation.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the bullding's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Age of the building

Martinez Company owns a building that appears on its prior year$-$end balance sheet at its original $$650,000$ cost less $$487,500$ accumulated depreciation. The building is depreciated on a straight$-$line basis assuming a $20-$year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $$65,000$ cost$.$ The repairs extend its useful life for $5$ years beyond the $20$ years originally estimated.

Determine the building's age $($plant asset age$)$ as of the prior year$-$end balance sheet date.

Prepare the entry to record the cost of the structural repairs that are paid in cash.

Determine the book value of the building immediately after the repairs are recorded.

Prepare the entry to record the current calendar year's depreciation.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the