A company pays $828,400 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $65,400 cash to access the mine, which is estimated to hold 109,000 tons of iron. The estimated value of the land after the iron is removed is $21,800. (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 22,700 tons of iron are mined but only 19,800 tons are sold this first year. Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Iron Mine 893,800 Cash 893,800 Prepare the December 31 year-end adjusting entry if 22,700 tons of iron are mined but only 19,800 tons are sold the first year. Note: Enter debits before credits. Date Debit Credit Dec 31 General Journal Depletion expenseIron Mine Iron Inventory Accumulated depletionIron Mine