Grouper Ltd. acquired the rights to use 2,100 hectares of land in northern Alberta to mine for uranium. The cost of the land was $102,000, exploration costs were $212,000, and the development costs incurred were $666,000. All of these costs were capitalized. The company estimated that the mine would produce about 245,000 ounces of uranium. In the first year, 27,400 ounces were extracted from the mine, of which 10,500 were sold. Assume all purchases were cash.

account list:

• Accumulated Depletion
• Accumulated Depreciation - Automobiles
• Accumulated Depreciation - Buildings
• Accumulated Depreciation - Equipment
• Accumulated Depreciation - Furniture and Fixtures
• Accumulated Depreciation - Machinery
• Accumulated Depreciation - Vehicles
• Accumulated Impairment Losses - Building
• Accumulated Impairment Losses - Equipment
• Accumulated Impairment Losses - Land
• Accumulated Impairment Losses - Machinery
• Accumulated Impairment Losses - Mine
• Accumulated Impairment Losses - Patents
• Accumulated Impairment Losses - Tools and Dies
• Accumulated Impairment Losses - Vehicles
• Asset Retirement Obligation
• Buildings
• Cash
• Common Shares
• Contribution Expense
• Cost of Goods Sold
• Deferred Revenue - Government Grants
• Depreciation Expense
• Equipment
• Furniture and Fixtures
• Gain on Disposal of Automobiles
• Gain on Disposal of Building
• Gain on Disposal of Equipment
• Gain on Disposal of Furniture and Fixtures
• Gain on Disposal of Machinery
• Gain on Disposal of Vehicles
• Gain on Sale of Land
• Interest Expense
• Interest Payable
• Inventory
• Investment Property
• Land
• Liability for Site Restoration
• Loss on Disposal of Automobiles
• Loss on Disposal of Building
• Loss on Disposal of Equipment
• Loss on Disposal of Machinery
• Loss on Disposal of Vehicles
• Loss on Expropriation
• Loss on Impairment
• Loss on Sale of Land
• Machinery
• Mineral Resources
• No Entry
• Notes Payable
• Oil Property
• Recovery of Loss from Impairment
• Repairs and Maintenance Expense
• Retained Earnings
• Revaluation Surplus (OCI)
• Revenue - Government Grants
• Royalty Expense
• Vehicles

Grouper Ltd. acquired the rights to use 2,100 hectares of land in northern Alberta to mine for uranium. The cost of the land was $102,000, exploration costs were $212,000, and the development costs incurred were $666,000. All of these costs were capitalized. The company estimated that the mine would produce about 245,000 ounces of uranium. In the first year, 27,400 ounces were extracted from the mine, of which 10,500 were sold. Assume all purchases were cash. Prepare the journal entry on the books of Grouper 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 O for the amounts. List debit entry before credit entry.) eTextbook and Media Prepare the journal entry on the books of Grouper Ltd. to record depletion costs for the first year. (Round per unit cost to 2 decimal places e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275. 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 O for the amounts. List debit entry before credit entry.) Prepare the journal entry on the books of Grouper Ltd. to record the cost of uranium sold for the first year. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)