Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,600,000 in 2021 for the mining site and spent an additional $720,000 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 $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Probability 1 Cash Outflow $420,000 520,000 720,000 25% 45% 30% 3 To aid extraction, Jackpot purchased some new equipment on July 1, 2021, for $240,000. 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 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 copper mine Required 1 Required 2 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 field. Do not round intermediate calculations. Round your answers to the nearest whole dollars.) View transaction list Journal entry worksheet Record the acquisition costs of the mine. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal