Part B. (3 marks) Manufacturing Incorporated (MI) purchased land on January 1, 2020, which it started to operate as a gravel pit. The gravel pit will be operating for the next 5 years. At the end of the 5 years, MI 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 is 8%. Required: 1. At what amount should the asset restoration cost liability be recorded on January 1, 2020? (2 marks) 2. What is the interest expense associated with the liability for the year 2020? (1 mark)