Question 3 (7 points) Saved Inshore Corporation specializes in extracting oil. It prides itself for following high environmental standards in the extraction process. On Apri 1, 2019, Inshore purchased the rights to use a parcel of land from the province of Alberta. The rights cost $6,000,000 and allowed the company to extract ore for ten years, i.e., until April 1, 2029. Inshore expects to extract the ore evenly over the contract period. At the end of the contract, Inshore must restore the land and they estimate this will cost $600,000. Inshore uses a discounted cash flow method to calculate the fair value of this obligation and believes that 6% is the appropriate discount rate. Inshore uses straight-line depreciation method and has a December 31st year-end and follows IFRS. REQUIRED: (Round all values to the nearest dollar.) 1. Prepare the journal entries to be recorded on April 1, 2019. 2. Prepare the journal entries to be recorded on December 31, 2019. 3. Prepare the journal entries on April 1, 2029, assuming the restoration costs were S595,000 Paragraph B IU