Consolidated Mining operates a mine. The costs to acquire, explore and develop the mine was $9.0 million. Extraction began on July 1, 2021. After the mineral is extracted in approximately six years, Consolidated is obligated to restore the land to its original condition. The company's controller has provided the following three cash flow possibilities for the restoration costs: 1. 2. 3. Cash Flow $ 780,000 880,000 980,000 Probability 30% 30% 40% The company's credit-adjusted, risk-free rate of interest is 4%, and its fiscal year ends on December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round other intermediate calculations to the nearest whole dollar. Enter your answers in whole dollars.) Required: 1. What is the initial cost of the mine? 2. How much accretion expense will consolidated report in its 2021 income statement? 3. What is the book value of the asset retirement obligation that Consolidated will report in its 2021 balance sheet? 4. Assume that actual restoration costs incurred in 2027 totaled $943,000. What amount of gain or loss will consolidated recognize on retirement of the liability? 1. Cost of copper mine 2. Accretion expense 3. Book value 4