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On July 15, 2020 GoldenArm acquired a jade mine in Africa for $22,000,000. The mine is expected to produce 40,000,000 ounces of jade over the next 20 years. GoldenArm spent an additional $2,500,000 installing roads and water lines to the land. Water is important in the mining process as water drills are used. GoldenArm also spent $1,000,000 bribing various officials of that country to get the necessary permits to begin mining. During 2020, the jade mine produced 800,000 ounces s of jade of which 500,000 was sold at $300 per ounce. During 2021, 2,000,000 ounces were extracted and 1,900,000 ounces were sold at $280 per ounce.
Question 1: Record all entries for this transaction. Please show calculation.
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