Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, Year 1 Purchased for $190,000 a silver mine estimated to contain 753,000 tons of silver ore. July 1, Year 1 Purchased for $1,850,000 cash a tract of land containing timber estimated to yield 2,970,000 board feet of lumber. At the time of purchase, the land had an appraised of $119,000. Feb. 1, Year 2 Purchased for $747,000 a gold mine estimated to yield 30,800 tons of gold-veined ore. Sept.1, Year 2 Purchased oil reserves for $710,000. The reserves were estimated to contain 244,000 barrels of oil, of which 21,000 would be unprofitable to pump. Required a. Prepare the journal entries to account for the following: ces (1) The Year 1 purchases. (2) Depletion on the Year 1 purchases, assuming that 74,000 tons of silver were mined and 1.019,000 board feet of lumber were cut. (3) The Year 2 purchases. (4) Depletion on the four natural resource assets, assuming that 64,000 tons of silver ore, 1.153.000 board feet of lumber, 8,900 tons of gold ore, and 78,000 barrels of oil were extracted. b. Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources. C. Assume that in Year 3 the estimates changed to reflect only 38,480 tons of gold ore remaining. Prepare the depletion journal entry in Year 3 to account for the extraction of 26,936 tons of gold ore. Complete this question by entering your answers in the tabs below. Required A Required B Required repare the journal entries to account for the following: 1) The Year 1 purchases. 2) Depletion on the Year 1 purchases, assuming that 74,000 tons of silver were mined and 1,019,000 board feet of lumber were cut. 3) The Year 2 purchases. 4) Depletion on the four natural resource assets, assuming that 64,000 tons of silver ore, 1,153,000 board feet of lumber, 8,900 tons of gold ore, and 78,000 barrels of oil were extracted. (Round all cost estimated to 2 decimal places and final answers to the nearest dollar amount. Enter depletion expenses in the given order. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet 1 N 3 3 4 5 6 7 8 9 10 > Record purchase of the silver mine for cash. Note: Enter debits before credits Journal entry worksheet 2. 3 4 5 6 7 8 9 10 > Record purchase of the silver mine for cash. Note: Enter debits before credits. Date General Journal Debit Credit 1/1/Year 1 Record entry Clear entry View general journal Required A Requirda B Required C Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources. (Round your answers to the nearest dollar amount.) Natural Resources Silver mine (less depletion) Timber (less depletion) Gold mine (less depletion) Oil reserves (less depletion) Total natural resources 0 Land Total $ 0 Required A Required B Required Assume that in Year 3 the estimates changed to reflect only 38,480 tons of gold ore remaining. Prepare the depletion journal entry in Year 3 to account for the extraction of 26,936 tons of gold ore. (Round intermediate calculation to 2 decimal places and final answers to nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet 1 Record depletion expenses of the gold mine. Note: Enter debits before credits Date General Journal Debit Credit Year 3