On March $1,2019,$ Carter Company Ltd$.$ Purchased a mineral deposit by paying $$50,000$ in cash and signing a $$350,000$ promissory note. A geological report estimated the mineral deposit contained $125,000$ tonnes of ore. Carter Company expects the asset to have a zero residual value when fully amortized. During $2019,34,000$ tonnes of ore were mined.

Required:

Prepare the journal entries for March $1$ and December $31$ to record the purchase of the mineral rights and the amortization of the mineral deposit for the first year. $(8\%)$