Question 4 1 pts On January 1, 2017, a company acquired a tract of land containing mineral deposits estimated at 7.500,000 tons for $13,155,000. After the minerals have been removed, the land is expected to have a value of $1,500,000. Only 6,300,000 tons are expected to be economically removable. It then purchased $675,000 of equipment with an estimated useful life of three years and no salvage value. Straight-line depreciation is used for the equipment. In the fiscal year ended December 31, 2017 the company mined 1,050,000 tons of the ore. The correct adjusting entries on December 31, 2017. are