Knowledge Check 01 Last year, Mountain Top Inc. purchased a coal mine at a cost of $900,000, which is recorded in its Coal Deposit account. The coal mine has an estimated 200,000 tons of available coal. The residual value of the coal mine once the extraction is complete is estimated at $100,000. A total of 70,000 tons were mined during the year and were still in inventory at December 31. The company credits the asset account directly for periodic depletion. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the periodic depletion of the coal mine estimated with 200,000 tons of available coal which is purchased at a cost of $900,000 with a residual value of $100,000.70,000 tons were mined during the year and still in inventory at December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal