07 Feb The Haber Company purchased land in Arizona on whi
The Haber Company purchased land in Arizona on which uranium had been discovered. The cost of the land was $1,000,000. Additional costs necessary to prepare the land for mining operations were $200,000. It is estimated that 5,000,000 tons of ore containing uranium will be extracted before the mine is fully mined out. During the first period of mining operations, 500,000 tons of uranium-bearing ore were dug and shipped to the refinery. The cost of getting the ore out of the ground and into railroad cars was $930,000. Record the transactions.