Exercise 11-18 (Algo) Cost of a natural resource; depletion and depreciation; Chapters 10 11-3] Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,100,000 in 2021 for th spent an additional $620,000 to prepare the mine for extraction of the copper. After the copper is extracted in app years, the company is required to restore the land to its original condition, including repaving of roads and replacin company has provided the following three cash flow possibilities for the restoration costs: (FV of $1, PV of $1. FVA- FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Cash Outflow Probability 1 $320,000 208 2 420,000 45% 3 620,000 35% To aid extraction, Jackpot purchased some new equipment on July 1, 2021, for $330,000. After the copper is remov the equipment will be sold for an estimated residual amount of $24,000. There will be no residual value for the cop credit-adjusted risk-free rate of interest is 10%. The company expects to extract 10.2 million pounds of copper from the mine. Actual production was 1.8 million pout million pounds in 2022. Required: 1. Compute depletion and depreciation on the mine and mining equipment for 2021 and 2022. The units-of-product to calculate depreciation. (The expected format for rounding is presented in the appropriate rows of the table. Rc