IR, Week 3 - Learning Activity 2~ X M Question 8 - Week 3 - Learni X * Course Hero x | + @ (=B ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08&launchUrl=https%253A%252F %252FIms.mheducation.com%252Fmghmiddleware%252... Yt ) Week 3 - Learning Activity 2 Saved Help Save & Exit Submit E A company pays $912,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $72,000 cash to access the mine, which is estimated to hold 120,000 tons of iron. The estimated value of the land after the iron is removed is $24,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 0.88 points 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 26,000 tons of iron are mined but only 22,000 tons are sold this first year. eBook (T U T print Journal entry worksheet Prepare the January 1 entry to record the cost of the iron mine. References Note: Enter debits before credits. Date General Journal Debit Credit January 01 @