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Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs...

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Accounting

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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. Prepare the year-end adjusting entry if 90,000 tons of ore are mined and sold the first eean 2. General Journal Post Date Description Debit Credit

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