Question 4- Michael Scott Paper Company. (PSPC) purchases a piece of land for the purpose of developing a gold mine. PSPC is legally required to remove all structures and convert the mine site to a wildlife sanctuary at the end of its estimated 10-year useful life. PSPC estimates that it will have to spend $15,000,000 to decommission the site and reclaim the land when operations cease. Assume a discount rate of 6%. PSPC uses straight- line depreciation Required: Prepare the journal entries to recognize this site restoration cost the company would record upon initial acquisition and at the end of year 1 (including interest expense)