Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,950,000 in 2024 for the mining site and spent an additional $790,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs: Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1 FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) 1 2 3 Cash Outflow $ 490,000 590,000 790,000 To aid extraction, Jackpot purchased some new equipment on July 1, 2024, for $310,000. After the copper is removed from this mine, the equipment will be sold. The credit-adjusted, risk-free rate of interest is 10%. Required 1 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. Complete this question by entering your answers in the tabs below. Required 2 View transaction list

Jackpot Mining Company operates a copper mine in central Montana. The company paid $1.950.000 in 2024 for the mining site and spent an additional $790,000 to prepare the mine for extraction of the copper. Afer the copper is extracted in approxamately four Years, the cormpary is required to restore the land to its onginal condition, including repaving of roads and replacing a greenbet?. IThe compary has provided the following three cash flow possiblities for the restoration costs To aid extraction, Jeckpor purchased some new equipenent on July 12024 , for $310,000 After the copper is removed from this mine the equponent wal be sold. The credit ad, vited, nik free rate of interest is 10k. Required: 1. Detemune the cest of the copper mine 2. Prethare the joumal entries to record the acquasiloci costs of the mine and the purchase of equipment. Complete this question by entering your ancwirs in the tabs below. Jackpot Mining Company operates a copper mine in central Montana. The company paid $1.950.000 in 2024 for the mining site and spent an additional $790,000 to prepare the mine for extraction of the copper. Afer the copper is extracted in approxamately four Years, the cormpary is required to restore the land to its onginal condition, including repaving of roads and replacing a greenbet?. IThe compary has provided the following three cash flow possiblities for the restoration costs To aid extraction, Jeckpor purchased some new equipenent on July 12024 , for $310,000 After the copper is removed from this mine the equponent wal be sold. The credit ad, vited, nik free rate of interest is 10k. Required: 1. Detemune the cest of the copper mine 2. Prethare the joumal entries to record the acquasiloci costs of the mine and the purchase of equipment. Complete this question by entering your ancwirs in the tabs below