record the transaction

In an attempt to diversify its business line, on July 15, P³ acquired a jade mine in Africa for $22,000,000. The mine is expected to produce 40,000,000 ounces of jade over the next 20 years. P³ spent an additional $2,500,000 installing roads and water lines to the land. Water is important in the mining process as water drills are used. P³ also spent $1,000,000 bribing various officials of that country to get the necessary permits to begin mining. During 2020, the jade mine produced 800,000 ounces s of jade of which 500,000 was sold at $300 per ounce. During 2021, 2,000,000 ounces were extracted and 1,900,000 ounces were sold at $280 per ounce.