A company pays $\backslash (\backslash$$ $843,600\backslash )$ cash to acquire an iron mine on January $1.$ At that same time, it incurs additional costs of $\backslash (\backslash$$ $66,600\backslash )$ cash to access the mine, which is estimated to hold $111,000$ tons of iron. The estimated value of the land after the iron is removed is $\backslash (\backslash$$ $22,200\backslash ).$ 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 $23,300$ tons of iron are mined but only $20,200$ tons are sold this first year. A company pays $\backslash (\backslash$$ $843,600\backslash )$ cash to acquire an iron mine on January $1.$ At that same time, it incurs additional costs of $\backslash (\backslash$$ $66,600\backslash )$ cash to access the mine, which is estimated to hold $111,000$ tons of iron. The estimated value of the land after the iron is removed is $\backslash (\backslash$$ $22,200\backslash ).$ 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 $23,300$ tons of iron are mined but only $20,200$ tons are sold this first year.

Answer is not complete.