A company pays $$790,400$ cash to acquire an iron mine on January $1.$ At that same time, it incurs additional costs of $$62,400$ cash to access the mine, which is estimated to hold $104,000$ tons of iron. The estimated value of the land after the iron is removed is $$20,800.$ 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 $21,200$ tons of iron are mined but only $18,800$ tons are sold this first year.

Journal entry worksheet

$1$

$2$

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

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $0,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$