Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,650,000 in 2021 for the mining site and spent an additional $730,000 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: (FV of $1. PV of $1. FVA of S1, PVA of $1, FVAD of S1 and PVAD of 51) (Use appropriate factor(s) from the tables provided.) Probability ook Cash Outflow $430,000 530,000 230.000 rences To aid extraction, Jackpot purchased some new equipment on July 1, 2021, for $250,000. After the copper is removed from this mine. the equipment will be sold. The credit-adjusted risk-free rate of interest is 12% e rate of interest is 126 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 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 coppermine Prey 30, 730,000 To aid extraction, Jackpot purchased some new equipment on July 1 2021, for $250,000. 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 Complete this question by entering your answ tabs below. Required 1 Required 2 Determine the cost of the copper mine. (Do not round Intermediate calculations. Round your dollar.) the nearest whole Cost of coppermine Huwconnect.Meducation.com 16 Some up automatically. hapter 10 Homework 6 Help Se 4 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. Ints Required 1 Required 2 eBook Hint Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account fald. Do not round Intermediate calculations. Round your answers to the nearest whole dollars.) Print References View transaction list View journal entry worksheet No Transaction Debit Credit General Journal Coppermine Cash Asset retirement liability 2,380,000 250,000 Equipment Cash 250,000 Required 1