On January 1, 2020, the Jones-Smith Corp. acquired a parcel of land for $6,000,000 from expects to extract 300,000 tons of coal over the next ten years. Afterwards, the company has an asset retirement obligation with a present value $650,000 (the company used a 10% rate) and it can be sold for an estimated $350,000. In 2021 , a building was constructed on the mine site at a cost of $680,000. It is estimated that the building will have zero residual value when mining is completed. During 2020,15,000 tons of ore were mined, and in 2021, 19,000 tons of ore were mined. Required: a. Prepare the entry to record the purchase of the mine. b. Prepare the depletion entry for 2020. c. Prepare the entry to record the accretion of the ARO in 2020 d. Determine the depreciation on the building in 2021, assuming straight-line depreciation