PROBLEM 7. On January 1 of the current year, the Turner Company acquired a tract of property containing coal ore at a cost of $27,000,000. After all of the coal is extracted, the land will be sold for 6,000,000. The cost of building roads and clearing trees in order to begin the coal mining is $1,200,000. It is estimated that 500,000 tons of coal ore can be economically mined. During the first year, 62,000 tons of coal were extracted. Of this coal ore that was extracted, 47,000 tons were sold. REQUIRED: Prepare the journal entries for each of the following events. If rounding is required, please round to cents (not fractional cents). a. The acquisition of the property. The natural resource account will be called Coal Reserves The development costs. Depletion cost for the first year. This will be called Coal Inventory. Show your computations for this entry. Cost of goods sold for the first year