10. The Collier Coal Company purchased mining property for $6,400,000 in cash. It was estimated that the property contained 300,000 tons of recoverable coal and that the land would have a value of $400,000 after the coal had been extracted. During the first year of operations, 35,000 tons of coal were recov- ered, of which 25,000 tons were sold. Prepare entries to record the purchase of the property and to recognize the cost of coal extracted and sold during the year.