Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,950,000 in 2018 for the mining site and spent an additional $790,000 to prepare the mine for extraction of the copper. Aft 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 possibilites for the restoration costs: (FV of S1. PV of S FVAD of $1 and PVAD of Si (Use appropriate factor(s) from the tables provlded.) er the copper is extracted In approximately 4 years EVAotSi. PVAorS. Cash Outf $49e,eee 590,000 79e,eee ability 25% 40% 35% To ald extraction, Jackpot purchased some new equipment on July 1. 2018, 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% Requlred: 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 st of coppar mana( 3.180789 Required 2>