A company pays $790,400 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $62,400 cash to access the mine, which is estimated to hold 104,000 tons of iron. The estimated value of the land after the iron is removed is $20,800. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 21,200 tons of iron are mined but only 18,800 tons are sold this first year. View transaction list

A company pays $790,400 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $62,400 cash to access the mine, which is estimated to hold 104,000 tons of iron. The estimated value of the land after the iron is removed is $20,800. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 21,200 tons of iron are mined but only 18,800 tons are sold this first year. View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Match each item to a bank statement adjustment, a company books adjustment, or either.
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