On June 30, 2020, ACME Incorporate's mining division acquired the rights to use 2,100 hectares of land in Labrador to mine for zinc. Details are as follows (Assume all purchases were cash): Cost of land: $120-million Exploration costs: $30-million Development costs: $75-million Expected lifetime production (tonnes) 300-million tonnes ACME extracted 80-million tonnes during 2020. Required: Prepare ACME's journal entries related to the mine for 2020. Round final calculations to the nearest dollar and show calculations below the journal entry. (6 marks)