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:

January 1, Year 1	Purchased for $215,000 a silver mine estimated to contain 813,000 tons of silver ore.
July 1, Year 1	Purchased for $1,880,000 cash a tract of land containing timber estimated to yield 3,090,000 board feet of lumber. At the time of purchase, the land had an appraised of $138,000.
February 1, Year 2	Purchased for $758,000 a gold mine estimated to yield 28,100 tons of gold-veined ore.
September 1, Year 2	Purchased oil reserves for $777,000. The reserves were estimated to contain 261,000 barrels of oil, of which 19,000 would be unprofitable to pump.

Required

1. Prepare the journal entries to account for the following items. Assume all purchase transactions were made with cash.
   1. (1) The Year 1 purchases.
   2. (2) Depletion on the Year 1 purchases, assuming that 73,000 tons of silver were mined and 1,001,000 board feet of lumber were cut.
   3. (3) The Year 2 purchases.
   4. (4) Depletion on the four natural resource assets, assuming that 64,000 tons of silver ore, 1,155,000 board feet of lumber, 9,000 tons of gold ore, and 83,000 barrels of oil were extracted.
2. Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources.
3. Assume that in Year 3 the estimates changed to reflect only 57,720 tons of gold ore remaining. Prepare the depletion journal entry in Year 3 to account for the extraction of 40,404 tons of gold ore.

Answer all please. :)