Concord Ltd. acquired the rights to use 1,600 hectares of land in northern Alberta to mine for uranium. The cost of the land was $112,000, exploration costs were $204,000, and the development costs incurred were $776,750. All of these costs were capitalized. The company estimated that the mine would produce about 235,000 ounces of uranium. In the first year, 25,800 ounces were extracted from the mine, of which 10,100 were sold. Assume all purchases were cash. Your answer is partially correct. Prepare the journal entry on the books of Concord Ltd. to record the cost of uranium sold for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Cost of Goods Sold 119970 Accumulated Depletion 119970