Mid Pacific Energy Company's balance sheet includes the asset Iron Ore Rights Mid Pacific Energy paid $2.1 million cash for the right to work a mine that contained an estimated 180.000 tons of ore. The company paid $60,000 to remove unwanted buildings from the land and $70,000 to prepare the surface for mining Mid Pacific Energy also signed a $20,000 note payable to a landscaping company to return the land surface to its original condition after the rights to work the mine end. During the first year, Mid Pacific Energy removed 30.000 tons of ore, of which it sold 23 400 tons on account for $30 per ton Operating expenses for the first year totaled $240.000. all paid in cash. In addition, the company accrued income tax at the tax rate of 25% Read the requirements Requirement 1. Record all of Mid Pacific Energy's transactions for the year Round depletion per unit to the closest cent (Record debits first, then credits Exclude explanations from any joumal entries Enter amounts in dollars. Example Enter an amount of $12 million as $1,200,000 Round depletion per ton to the nearest cent. Round all other amounts to the nearest dollar) Begin by recording the entry for the acquisition of the lease. Paid $2.100.000 cash for the right to work a mine that contained an estimated 180 000 tons of ore Journal Entry Accounts Date i Requirements Iron Ore Rights Cash Record all of Mid Pacific Energy's transactions for the vear Round depletion per unit to the closest cent Prepare the company's single-step income statement for its iron ore operations for the first year. Evaluate the profitability of the company's operations What balances should appear from these transactions on Mid Pacific Energy's balance sheet at the end of its first year of operations? The company paid $60,000 to remove unwanted buildin Journal Entry Date Accounts Iron Ore Rights Print Done