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Computation of Cost of Mining

The Shynee Copper Company recently acquired a parcel of land containing an estimated 6,000,000 tons of commercial grade copper ore. Shynee paid $5,500,000 for the land and spent $960,000 getting the mine ready for use. Shynee also purchased some equipment for $240,000. Although the equipment will be worthless when the ore is depleted, Shynee estimated that the land can be sold for $400,000 after the mining operations are completed. Prepare the entry to record the extraction of 100,000 tons and sale of 90,000 tons.
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