A company pays $912,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $72,000 cash to access the mine, which is estimated to hold 120,000 tons of iron. The estimated value of the land after the iron is removed is $24,000. Note: 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 26,000 tons of iron are mined but only 22,000 tons are sold this first year. Journal entry worksheet 1 2 Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 Prepare the December 31 year-end adjusting entry if 26,000 tons of iron are mined but only 22,000 tons are sold the first year. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal