A company pays $881,600 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $69,600 cash to access the mine, which is estimated to hold 116,000 tons of iron. The estimated value of the land after the iron is removed is $23,200. (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 24,800 tons of iron are mined but only 21,200 tons are sold this first year. View transaction list Journal entry worksheet Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date January 01 Iron Mine Cash General Journal Debit Credit 951,200 951,200 Prev 1 of 4 Next > A company pays $881,600 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $69,600 cash to access the mine, which is estimated to hold 116,000 tons of iron. The estimated value of the land after the iron is removed is $23,200. (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 24,400 tons of iron are mined but only 21,200 tons are sold this first year. View transaction list Journal entry worksheet < 2 Prepare the December 31 year-end adjusting entry if 24,800 tons of iron are mined but only 21,200 tons are sold the first year. Note: Enter debits before credits Date General Journal Debit Credit December 31 Depletion expense-Iron Mine Next >