Mining company has a december 31, fiscal year end. The following information relates to its Golden Grove Mine

Problem 9-12A Cullumber Mining Company has a December 31 fiscal year end. The following Information relates to its Golden Grove mine: 1. Cullumber purchased the Golden Grove mine on March 31, 2020, for $3.00 million cash. On the same day, modernization of the mine was completed at a cash cost of $316,500. It is estimated that this mine will yield 570,000 tonnes of ore. The mine's estimated residual value is $210,000. Cullumber expects it will extract all the ore, and then close and sell the mine site in four years. 2. During 2020, Cullumber extracted and sold 190,000 tonnes of ore from the mine. 3. At the beginning of 2021, Cullumber reassessed its estimate of the remaining ore in the mine. Cullumber estimates that there are still 517,750 tonnes of ore in the mine at January 1, 2021. The estimated residual value remains at $210,000. 4. During 2021, Cullumber extracted and sold 140,000 tonnes of ore from the mine. Your answer is partially correct. Try again. Prepare the 2020 and 2021 journal entries for the above, including any year-end adjustments. (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. Round per tonne value to 2 decimal places, e.g. 12.25 & final answers to o decimal places, e.g. 5,275.) 2020 Date Account Titles and Explanation Debit Credit T Mar. 31Resource 3316500 3316500 T Cash (To record purchase and modernization of mine.) Inventory Dec. 31 Accumulated Depletion - R (To record depletion.) Dec. 31 Cost of Goods Sold Inventory (To record cost of goods sold.) 2021 Date Account Titles and Explanation Dec. 314Inventory Debit Credit 1 Accumulated Depletion - R (To record depletion.) Dec. 314Cost of Goods Sold Inventory (To record cost of goods sold.) SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Show how the Golden Grove mine will be reported on Cullumber's December 31, 2021, Income statement. CULLUMBER MINING COMPANY Income Statement (Partial) Year Ended December 31, 2021 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Show how the Golden Grove mine will be reported on Cullumber's December 31, 2021, balance sheet. CULLUMBER MINING COMPANY Balance Sheet (Partial) December 31, 2021 Property, plant, and Equipment Resource Less Accumulated Depletion - R SHOW LIST OF ACCOUNTS LINK TO TEXT