A company pays $904,400 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $71,400 cash to access the mine, which is estimated to hold 119,000 tons of iron. The estimated value of the land after the iron is removed is $23,800. (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 25,700 tons of iron are mined but only 21,800 tons are sold the first year. View transaction list Journal entry worksheet 1 2 > Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal