A company pays $813,200 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $64,200 cash to access the mine, which is estimated to hold 107,000 tons of iron. The estimated value of the land after the iron is removed is $21,400. 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 22,100 tons of iron are mined but only 19,400 tons are sold this first year