Question 12 Incorrect Mark 0.00 out of 0.71 P Flag question Edit question Western Mining Inc. acquires a zinc mine in January at a cost of $1,680,000 with an estimated 504,000 tons of zinc. Western Mining Inc. also incurs costs of $189,000 to develop the area around the site necessary to access the mine. The land is estimated to have a value of $105,000 after the zinc is mined. At the end of the year, 75,600 tons of zinc were mined and 68,040 tons were sold by December 31. a. Record the entry for acquisition of the zinc mine. Account Name Jan. 1 Zinc Mine Property Cash To record acquisition of mine. Debit 1,680,000 0 Credit ox 1,680,000 x b. Record the entries for depletion and for the cost of the sale of zinc during the year. Debit 252,000 Credit 252,000 x 0 Account Name Dec 31 InventoryZinc Zinc Mine Property To record depletion Dec. 31 Cost of Goods Sold InventoryZinc To record cost of sales > 226,800 0 x 226,800 x V 0