Copper Mines (CM) purchases a piece of land for the purpose of developing a copper mine CM is legally required to remove all structures and convert the mine site to a wildlife sanctuary at the end of its estimated 5-year useful life. BGMI estimates that it will have to spend $16,000,000 to decommission the site and reclaim the land when operations cease. The present value of this $16,000,000 site restoration cost, assuming a discount rate of 10%, is $9,934,741 CM uses straight-line depreciation. Required: Prepare the journal entries to recognize this site restoration cost the company would record: Round to nearest dollar. (8 marks) i) Upon initial acquisition, ii) Depreciation for each year (1 entry only is needed) iii) Interest expense for Years 1 & 2.