A company pays $858,800 cash to acquire an iron mine on January 1 . At that same time, it incurs additional costs of $67,800 cash to access the mine, which is estimated to hold 113,000 tons of iron. The estimated value of the land after the iron is removed is $22,600. (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 23,900 tons of iron are mined but only 20,600 tons are sold this first year. Journal entry worksheet Prepare the December 31 year-end adjusting entry if 23,900 tons of iron are mined but only 20,600 tons are sold the first year. Note: Enter debits before credits