Recording Entries Related to the Purchase and Depletion of Natural Resources On May 1, 2020, Star Mines Inc. purchased an ore mine for $5,400,000 to access an estimated 2,799,000 tons of ore. The company incurred development costs of $405.000 related to the mine and purchased equipment for the mine for 5810,000 with a useful life of 8 years. The equipment has no use outside of this mine project. The company is expected to restore the land for alternative uses after mining is complete. The present value of the restoration cost is estimated to be 5180,000. The company extracted 324,000 tons of ore in 2020 and sold 270,000 tons. a. Record the entry for purchase of the mine and equipment. Assume all purchases were for cash. Account Name Dr. Cr. To record purchase of mine . Lo record surchase of mine egnement b. Record the entry for (1) depletion of the ore and (2) cost of sale of ore in 2020. Note: Round the depletion rate to two decimals in your calculations for example, use a depletion rate of 1.42 for 1.424. or 1.49 for 1.425. Account Name Cr. Dr. . Torre de sticla To record cost of sale of gre interled c. For 2020, prepare entries to record (1) accumulated depreciation and (2) cost of goods sold for costs related to the equipment used in the mine. Use account tabeled Accumulated Depreciation Note: Carry all decimals in calculations: round the final answer to the nearest dollar Note: The second entry related to cost of goods sold is given Record the entry related to accumulated depreciation, Account Name Dr. Cr. To record accumulated docciation Dr. Cr. Account Name Cost of Goods Sold 78.135 Inventory Ore To record cost of goods sold. 78.135 Check