Problem: On January 1, 20X1, Cornwall Corp. purchased a coal mining site for $5,000,000. Under the terms of the purchase agreement, once the coal from the mine has been depleted, it must restore the site to specified conditions at an estimated cost of $300,000. Cornwall estimates that it will be able to extract coal from the site for 20 years. It uses an 8% discount rate. Required: Complete the 12/31/X1 journal entry to record accretion expense. Round all calculations to the nearest whole dollar. Date Account Debit Credit 12/31/X1