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Please answer the question below.

prepare the journal entries for all the following relatedtransaction (all occurring within the current year). Assume alldepletion and amoritization for the full year. Also, assume allpurchases were made with cash.

A. An exploration company purchased land with a valuable oredeposit

     Estimated ore available in the deposit(intons)                     4,700,000

     Acquisitionprice                                                                    $3,500,000

     Residual value of land once ore isfullydepleted                       $500,000

     Ore removed in the current year (intons)                                    365,000

B. The exploration company developed a high speed drill to usein its explorations.

      Economic liffe of the drill (inyears)                                             5

     Costs inccurred in the current year todevelop thedrill                $550,000

     Attorney fees incured to protect thepatent                                   $15,000

C. The exploration company purchased Goshen Hole Company

         Acquisitionprice                                                                        $3,250,600

         Book Value ofGoshen HoleCompany                                      $2,415,960