*Accounting HW help- I've tried this problem but keep getting certain parts wrong* I posted my answers and italicized which areas are being marked incorrect. PLEASE HELP :)

Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:

Jan.	1,		Year		1		Purchased for $215,000 a silver mine estimated to contain 784,000 tons of silver ore.
July	1,		Year		1		Purchased for $1,820,000 cash a tract of land containing timber estimated to yield 2,940,000 board feet of lumber. At the time of purchase, the land had an appraised of $198,000.
Feb.	1,		Year		2		Purchased for $733,000 a gold mine estimated to yield 29,400 tons of gold-veined ore.
Sept.	1,		Year		2		Purchased oil reserves for $710,000. The reserves were estimated to contain 245,000 barrels of oil, of which 21,000 would be unprofitable to pump.

Required a. Prepare the journal entries to account for the following:

1. (1) The Year 1 purchases.
2. (2) Depletion on the Year 1 purchases, assuming that 73,000 tons of silver were mined and 989,000 board feet of lumber were cut.
3. (3) The Year 2 purchases.
4. (4) Depletion on the four natural resource assets, assuming that 60,000 tons of silver ore, 1,176,000 board feet of lumber, 8,900 tons of gold ore, and 80,000 barrels of oil were extracted.

b. Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources. c. Assume that in Year 3 the estimates changed to reflect only 60,680 tons of gold ore remaining. Prepare the depletion journal entry in Year 3 to account for the extraction of 42,476 tons of gold ore.

1	1/1/Year 1	Silver mine	215,000
		Cash		215,000
2	7/1/Year 1	Timber	1,622,000
		Land	198,000
		Cash		1,820,000
3	12/31/Year 2	Depletion expense	20,019
		Silver mine		20,019
4	12/31/Year 2	Depletion expense	545,632
		Timber		545,632
5	2/1/Year 2	Gold mine	733,000
		Cash		733,000
6	9/1/Year 2	Oil reserves	710,000
		Cash		710,000
7	12/31/Year 2	Depletion expense	16,454
		Silver mine		16,454
8	12/31/Year 2	Depletion expense	648,800
		Timber		648,800
9	Dec 31	Depletion expense	221,895
		Gold mine		221,895
10	12/31/Year 2	Depletion expense	253,571
		Oil reserves		253,571

B.) Natural Resources

Silver mine (less depletion)$178,527

Timber (less depletion)427,568

Gold mine (less depletion)511,105

Oil reserves (less depletion)456,429

Total natural resources 1,573,629

Land $198,000

Total $1,771,629

C.)

Date	General Journal	Debit	Credit
1	Year 3	Gold mine	511,105
		Depletion expense	357,774