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Copper Mine Company acquires an ore mine at a cost of $1,000,000 which is estimated to hold 450,000 tons of ore. The estimated value of

Copper Mine Company acquires an ore mine at a cost of $1,000,000 which is estimated to hold 450,000 tons of ore. The estimated value of the land after the ore is removed is $ 100,000.

i. Prepare the entry to record the cost of the mine.

ii. Prepare the year-end adjusting entry if 85,000 tons of ore are mined and sold the first year.

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