Jackpot Mining Company operates a coppermine in central Montana. The company paid $1,300,000 in 2021 for the mining site and spent an additional $650 000 to prepare the mine for extraction of the copper After the coppers extracted in approximately four years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbet. The company has provided the following three cash flow possibilities for the restoration costs: (FV of S1, PV of $L. FVA of SL PVA of $L FVAD of $1 and PVAD O' $ (Use appropriate factors) from the tables provided.) Probability 1 Cash Outflow $360,000 460,000 660,000 2 458 3 To aid extraction, Jackpot purchased some new equipment on July 1, 2021, for $180,000. 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 Required Determine the cost of the copper mine. (Do not round intermediate calculations. Round your answer to the nearest whole dollar.) Cost of copper Required Required 2 >