Pharoah Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1. Pharoah purchased the Golden Grove mine on March 31, 2020, for $3.40 million cash. On the same day, modernization of the mine was completed at a cash cost of $266,000. It is estimated that this mine will yield 610,000 tonnes of ore. The mine's estimated residual value is $250,000. Pharoah expects it will extract all the ore, and then close and sell the mine site in four years. 2. During 2020, Pharoah extracted and sold 220,000 tonnes of ore from the mine. 3. At the beginning of 2021 , Pharoah reassessed its estimate of the remaining ore in the mine. Pharoah estimates that there are still 546,000 tonnes of ore in the mine at January 1,2021. The estimated residual value remains at $250,000. 4. During 2021, Pharoah extracted and sold 210,000 tonnes of ore from the mine. Prepare the 2020 and 2021 journal entries for the above, including any year-end adjustments.