A company pays $820,800 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $64,800 cash to access the mine, which is estimated to hold 108,000 tons of iron. The estimated value of the land after the iron is removed is $21,600. Note: 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 22,400 tons of iron are mined but only 19,600 tons are sold this first year.