Hollow purchased a mineral deposit for $505,000 in May, 2024. In June, Hollow spent $35,000 to prepare for the exploitation. The mineral deposit was ready for exploitation on July 1. Hollow estimated 400,000 oz of minerals could be economically extracted and sold. On January 2, 2026, Hollow spent $90,000 for further development. As a result, Hollow estimated an additional 103,500 oz of mineral could be extracted and sold. The amount of mineral extracted for 2024, 2025, and 2026 is as follows View the minerals extracted. Read the requirements Requirement 1. Calculate the acquisition cost of the mineral deposit and record the journal entry for the acquisition in 2024 Acquisition cost for the mineral deposit mylab.pearson.com ent 1 Do Homework-Assignment 11 P Do Homework-Ass Question 4, PB-10A (similar to) Part 1 of 8 HW Score: 17 O Points: 0 c deposit for $505,000 in May, 2024. In June, Hollow spent $35,000 to prepare for the exploitation. The mine nerals could be economically extracted and sold. On January 2, 2026, Hollow spent $90,000 for further dev acted and sold. The amount of mineral extracted for 2024, 2025, and 2026 is as follows the acquisition c neral deposit uisition in 2024 - X Minerals Extracted tor 02 55 Year Ounces 2024 85,000 2025 89,000 2026 84,000 Print Done 66 &7 8 " DII TO 8 ' 6 80 1 cul the Requirements 1. Calculate the acquisition cost of the mineral deposit and record the journal entry for the acquisition in 2024. 2. Record the journal entries for the depletion in 2024 and 2025. 3. What is the carrying value for the mineral deposit on December 31, 2025? 4. Record the journal entry for the additional development cost in 2026. 5. Calculate the depletion for 2026 and record the journal entry for the depletion on December 31, 2026. Print Done - X