Question 5 Not complete Marked out of 2000 Nagquestion Natural Resources The Stein Company acquires a copper mine at the cost 5950,000 on January 1. Along with the purchase price Stein pays additional costs associated with development of $75,000. Stein expects the mine will have a salvage value of $125,000 once all the copper has been mined, Best estimates are that the mine contains 300,000 tons of ore. Required a. Prepare the entry to record the purchase of the copper mine. b. Prepare the December 31 year-end adjusting entry to record depletion is 40,000 tons of ore are mined and all the ore is sold. c. Prepare the December 31 year-end adjusting entry to record depletion if 40,000 tons of ore are mined but only 10,000 tons of the ore are sold. Description Debit 4. Coppermine Cash Purchase of Coppermine b. Depletion experie.Coppermine Accumulated depletion. Coppermine To record depletion on Coppermine Copper inventory Copper inventory Credit To record depletion on Coppermine