Flounder Ltd, acquired the rights to use 2,300 hectares of land in northern Alberta to mine for uranium. The cost of the land was $110,000, explora costs were $218,000, and the development costs incurred were $706,000. All of these costs were eapitalizted. The company estimated that the mine would produce about 235,000 ounces of uranium. In the first year, 27,600 ounces were extracted from the : of which 11,200 were sold. Assume all purchases were cash. (a) Prepare the journal entry on the books of Flounder Ltd, to record the purchase and capitalization of the mine. (Credit occount titles: are automatically indented when the amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the coccount tities and enter O for the amounts. Ust debit entry before credit entry