Exercise 10-4 (Algo) Cost of a natural resource; asset retirement obligation [LO10-1] Jackpot Mining Company operates a copper mine in centrol Montane. The compony paid 51,900,000 in 2024 for the mining iste and spent an adcitional $780.000 to prepore the mine for extroction of the coppec. After the copper is extracted in approximetely four years, the compeny is required to restore the land to its original condition, including repoving of roods and replocing o greenbelt The company has provided the following three cash fiow possibilitics for the restoration cotts Note: Use tobles, Excel, or a finencial colculator. (EV of \$1, pV of S1. EVA of \$1, PVA of S1. EVAP of S1 and PVAD of S1) To, oid extraction. Jeckpot purchased some new equipment on July 1, 2024, for $300,000. After the copper is removed from this mine, the equipment will be sold. The credit-adjusted, riok-tree tate of interest is 12% Required: 1. Determine the cost of the copper mine. 2. Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment 1. Determine the cost of the copper mine. 2. Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment. Complete this question by entering your answers in the tabs below. Determine the cost of the copper mine. Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits