Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,450,000 in 2016 for the mining site and spent an additional $690,000 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: (EV of $1. PV of S1 FVA of $1 of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) EVAD Cash Outflow Probability 1 $390,000 25% 490,000 45% 690,000 30% To aid extraction, Jackpot purchased some new equipment on July 1, 2016, for $210.000. 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. (Do not round intermediate calculation.) Answer is complete but inot entirely correct. pper $2474 8 Answer is complete but not entirely correct. ost of copper mine $ 2.474 S 2,474 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.) 3 Answer is complete but not entirely correct. No Event General Journal Debit Copper mine 2140,000 1,450 690 Cash Asset retirement liability 2474 Equipment Cash 2 2 2,4 K Prev 7 or 8 EENext