A company pays $760,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $60,000 cash to access the mine, which is estimated to hold 100,000 tons of iron. The estimated value of the land after the iron is removed is $20,000. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry If 20,000 tons of iron are mined but only 18,000 tons are sold the first year. Answer is not complete. NO Date General Journal Credit Debit 820,000 1 Jan 01 Iron Mine Cash lo 820,000 144,000 N Dec 31 Doplotion expense--Iron Mine Iron Inventory 144,000