Manufacturing Incorporated (MI) purchased land on 1 January 20X2, which it started to operate as a gravel pit. The gravel pit wube operating for the next 20 years. At the end of the 20 years Ml will be required to incur an estimated cost of $5 million to restore the land. This is required by government legislation. The interest rate that reflects the risks to MI 8% (ev.of $1. PVA of $1. and PVAD OL$1) (Use appropriate factor(e) from the tables provided) Required: 1. Provide the journal entry for the restoration costs on 1 January 20x2. (if 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.) a