es A company pays $889,200 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $70,200 cash to access the mine, which is estimated to hold 117,000 tons of iron. The estimated value of the land after the iron is removed is $23,400. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 25,100 tons of iron are mined but only 21,400 tons are sold this first year. View transaction list Journal entry worksheet < 1 2 Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Date January 01 General Journal Debit Credit >