Manufacturing Incorporated (MI) purchased land on 1 January 202, which it started to operate as a gravel pit. The gravel pit will be operating for the next 23 years. At the end of the 23 years, MI will be required to incur an estimated cost of $7million to restore the land. This is required by government legislation. The interest rate that reflects the risks to MI is 12%. (PV of $1, PVA of $1, and PVAD of $1.) (Use approprlate factor(s) from the tables provlded.) Required: 1. Provide the journal entry for the restoration costs on 1 January 202. (If no entry is required for a transactlon/event, select "No journal entry required" In the first account fleid. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millilons.) (1) Record the provision for land. Note : journal entry has been entered 2. Provide all required adjusting journal entrles on 31 December 202. (If no entry is required for a transaction/event, select "No journal entry required" In the flrst account fleld. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in milllons.) Record the depreciation expenses. Record the provision for interest. Note : = journal entry has been entered