Western Mining Inc. acquires a zinc mine in January at a cost of $960,000 with an estimated 288,000 tons of zinc. Wester

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Western Mining Inc. acquires a zinc mine in January at a cost of
$960,000 with an estimated 288,000 tons of zinc. Western Mining
Inc. also incurs costs of $108,000 to develop the area around the
site necessary to access the mine. The land is estimated to have a
value of $60,000 after the zinc is mined. At the end of the year,
43,200 tons of zinc were mined and 38,880 tons were sold by
December 31.
a. Record the entry for acquisition of the zinc mine.
b. Record the entries for depletion and for the cost of the sale of
zinc during the year.