The Majestic Silver Company purchased property for the purpose of mining silver ore. The mine was purchased for $1,000,000 and requires $100,000 in development costs before mining can begin. The company expects to mine a total of 200,000 ounces during the life of this mine. During the 2018 fiscal year, the company mined 20,000 ounces of silver. Show the properjournal entry that reflects the decrease in property value as a result of mining operations in 2018