Current Attempt in Progress Wildhorse Ltd. acquired the rights to use 2,500 hectares of land in northern Alberta to mine for uranium. The cost of the land was $114,000, exploration costs were $214,000, and the development costs incurred were $628,250. All of these costs were capitalized. The company estimated that the mine would produce about 225,000 ounces of uranium. In the first year, 28,800 ounces were extracted from the mine, of which 11,800 were sold. Assume all purchases were cash. (a) Prepare the journal entry on the books of Wildhorse Ltd. to record the purchase and capitalization of the mine. (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. List debit entry before credit entry.) Attempts: 0 of 1 used