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Please help? Crane Mining Company has a December 31 fiscal year end. The following information relates to its Goiden Grove mine: 1. Crane purchased the
Please help? Crane Mining Company has a December 31 fiscal year end. The following information relates to its Goiden Grove mine: 1. Crane purchased the Golden Grove mine on March 31, 2023, for $2.90 million cash. On the same day, modernization of the mine was completed at a cash cost of $280,500. It is estimated that this mine will yield 590,000 tonnes of ore. The mine's estimated residual value is $260,000. Crane expects it will extract all the ore, and then close and sell the mine site in four years. 2. During 2023, Crane extracted and sold 130,000 tonnes of ore from the mine. 3. At the beginning of 2024, Crane re lsessed its estimate of the remaining ore in the mine. Crane estimates that there are still 569,250 tonnes of ore in the mine at January 1, 2024. The estimated residual value remains at $260,000. 4. During 2024, Crane extracted and sold 210,000 tonnes of ore from the mine. (a) - Your answer is partially correct Prepare the 2023 and 2024 journal entries for the above, including any year end adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent monually If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round depletion per tonne value to 2 decimal places, es. 12.25 \& final Prepare the 2023 and 2024 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 occount titles and enter 0 for the amounts, List debit entry before credit entry. Round depletion per tonne value to 2 decimal places, eg. 12.25 \& final answers to 0 decimal ploces, eg,5,275
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