Conner Inc. pays $5,000,000 cash to purchase a coal mine. The mine is expected to yield 1,000,000 tons of coal over its useful life with no expected salvage value. The company extracts and sells 100,000 tons of coal in the first year. What journal entry should the company make to record the purchase of the coal mine? What journal entry should the company make on December 31 of the first year to allocate the cost of the coal that has been extracted and sold from the mine? What effect does this entry have on the accounting equation