Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,900,000 in 2018 for the mining site and spent an additional $780,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately 4 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: (FV of S1. PV of S1, EVA. of S1. PVAf $1. EVAD of S1 and PVAD of $) (Use appropriate factor(s) from the tables provided.): Cash Outflow Probability $480,000 580,000 780,000 15 458 408 To aid extraction, Jackpot purchased some new equipment on July 1, 2018, for $300,000. After the copper is removed from this mine, the equipment will be sold. The credit-adjusted, risk-free rate 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 Required 1 Required 2 Determine the cost of the copper mine. (Do not round intermediate calculations. Round your answer to the nearest whole dollar.) Cost of copper mine Required 2 > Journal entry worksheet Record the acquisition costs of the mine Note: Enter debits before credits Credit Debit General Journal Event View general journal Clear entry Record entry Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal