company pays $782,800 cash to acquire an iron mine on January 1, At that same time, it incurs additional costs of $61,800 cash to tote: If no entiy is required for a transaction/event, select "No joumal entry required" in the first account field. 1. Prepare the Jenuary 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 20,900 tons of iron are mined but only 18,600 tons are sold this first your