A company pays $775,200 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $61,200 cash to access the mine, which is estimated to hold 102,000 tons of iron. The estimated value of the land after the iron is removed is $20,400. (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 20,600 tons of iron are mined but only 18,400 tons are sold this first year. View transaction list Journal entry worksheet 1 2 > Prepare the December 31 year-end adjusting entry if 20,600 tons of iron are mined but only 18,400 tons are sold the first year. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Depletion expense Iron Mine Iron Inventory Accumulated depletionIron Mine $ Record entry Clear entry View general journal