Problem 8 (8) Forkman Mining purchased a copper mine for $3,300,000 on January 31, 2021. The company expects to mine 600,000 tons of copper over the next 10 years, and the mine is expected to have a residual value of $300,000. The company has also purchased mining equipment for $400,000 that will be used only at this site over the 10 years with an estimated residual value of $52,000. By the end of the first year, the company has mined and sold 60,000 tons of copper. Show all computations. a) Prepare the journal entries for the purchase of the mine and equipment on 1/31/21. b) Prepare the journal entries on 12/31/21, assuming the company uses the units-of- production method for all assets?