Crane Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine:

1.		Crane purchased the Golden Grove mine on March 31, 2020, for $ 2.70 million cash. On the same day, modernization of the mine was completed at a cash cost of $ 290,000. It is estimated that this mine will yield 600,000 tonnes of ore. The mines estimated residual value is $ 290,000. Crane expects it will extract all the ore, and then close and sell the mine site in four years.
2.		During 2020, Crane extracted and sold 200,000 tonnes of ore from the mine.
3.		At the beginning of 2021, Crane reassessed its estimate of the remaining ore in the mine. Crane estimates that there are still 450,000 tonnes of ore in the mine at January 1, 2021. The estimated residual value remains at $ 290,000.
4.		During 2021, Crane extracted and sold 140,000 tonnes of ore from the mine.

Prepare the 2020 and 2021 journal entries for the above, including any year-end adjustments. (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 0 for the amounts. Round per tonne value to 2 decimal places, e.g. 12.25 & final answers to 0 decimal places, e.g. 5,275.) 2020

Date	Account Titles and Explanation	Debit	Credit
Mar. 31Dec. 31
	(To record purchase and modernization of mine.)
Mar. 31Dec. 31
	(To record depletion.)
Mar. 31Dec. 31
	(To record cost of goods sold.)

2021

Date	Account Titles and Explanation	Debit	Credit
Mar. 31Dec. 31
	(To record depletion.)
Mar. 31Dec. 31
	(To record cost of goods sold.)

Show how the Golden Grove mine will be reported on Crane's December 31, 2021, income statement. CRANE MINING COMPANY Income Statement (Partial) $ Question Part Score --/2 Show how the Golden Grove mine will be reported on Crane's December 31, 2021, balance sheet. CRANE MINING COMPANY Balance Sheet (Partial) > $