Put to Practice -Recording Depletion lonka Mining Company purchased land that contains an estimated 200,000 tons of coal. Tonka paid $7,250,000 for the land and in development costs. Once the coal is extracted, the land is estimated to have a salvage value of $500,000. In the first year, 50,000 tons are extracted and 40,000 tons are sold. What are the related journal entries for the acquisition of the land and depletion? CR: Intangible Asset (e.g., Patent) Put to Practice- Intangible Assets Green Box, Inc. purchased a patent on January 1, 2018, for $240,000. The patent has a legal life of 20 years but is expected to have a useful life of 6 years. Record the purchase of the patent on January 1, 2018 and amortization at December 31, 2018. Patent 240000 7-8