Manufacturing Incorporated (MI) purchased land on 1 January 20X2, which it started to operate as a gravel pit. The gravel pit will be operating for the next 20 years. At the end of the 20 years MI will be quired to incur an estimated cost o. $5 million to restore the land. This is required by government legislation. The interest rate that reflects the risks to MI is 8%. (PV of $1, PVA of $1, and PVAD bf $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Provide the journal entry for the restoration costs on 1 January 20X2. (11 no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millions.) View transaction list