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Question: Prepare the journal entries for all the following related transaction (all occurring within the current year). Assume all depletion and amortization for the full year. Also assume all purchases were made with cash A. An exploration company purchased land with a valuable ore deposit, Estimated ore available in the deposit (in tons) Acquisition price Residual value of land once ore is fully depleted Ore removed in the current year (in tons) 4,700,000 $3,500,000 $500,000 365,000 B. The exploration company developed a high speed drill to use in its explorations Economic life of the drill (in years) Costs incurred in the current year to develop the drill Attorney fees incurred to protect the patent 5 $550,000 $15,000 C. The exploration company purchased Goshen Hole Company Acquisition price Book Value of Goshen Hole Company $3,250, 600 $2,415,960