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Prepare the entry to record the cost of the ore mine

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Question: Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. The estimated value of the land after the ore is removed is $150,000.

1. Prepare the entry(ies) to record the cost of the ore mine.

2. Prepare the year-end adjusting entry if 90,000 tons of ore are mined and sold the first year.

Reference no: EM131533938

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