A company pays $843,600 cash to acquire an Iron mine on January 1. At that same time, it incurs additional costs of $66,600 cash to access the mine, which is estimated to hold 111,000 tons of iron. The estimated value of the land after the iron is removed is $22,200. (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 23,300 tons of iron are mined but only 20,200 tons are sold this first year. View transaction list Journal entry worksheet < 2 Prepare the December 31 year-end adjusting entry if 23,300 tons of iron are mined but only 20,200 tons are sold the first year. Note: Enter debits before credits. Date December 31 General Journal Debit Credit