Question 1 Indigo Ltd. acquired the rights to use 2,400 hectares of land in northern Alberta to mine for uranium. The cost of the land was $112,000, exploration costs were $218,000, and the development costs incurred were $737,000. All of these costs were capitalized. The company estimated that the mine would produce about 220,000 ounces of uranium. In the first year, 28,500 ounces were extracted from the mine, of which 12,500 were sold. Assume all purchases were cash. Prepare the journal entries on the books of Indigo Ltd. to record the purchase and capitalization of the mine. (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 account titles and enter O for the amounts. Account Titles and Explanation Debit Credit By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 0 of 1 used