A company pays $836,000 cash to acquire an iron mine on January 1. At that same time. It incurs additional costs of S66,000 cash to access the mine, which is estimated to hold 110,000 tons of iron. The estimated value of the land after the iron is removed is $22,000 (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 23,000 tons of iron are mined but only 20,000 tons are sold this first year. Answer is not complete. No General Journal Date January 01 Credit 1 Iron Mine Cash Debit 902.000 . o 902.000 2 December 31 Depletion expense--Iron Mine Iron Inventory 164,000 $ Os