A company pays $866,400 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $68,400 cash to access the mine, which is estimated to hold 114,000 tons of iron. The estimated value of the land after the iron is removed is $22,800. (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 24,200 tons of iron are mined but only 20,800 tons are sold this first year. View transaction list View journal entry worksheet No Date General Journal Debit Credit January 01 Iron Mine 934,800 Cash 934,800 2 December 31 Depletion expenseIron Mine Accumulated depletionIron Mine