s1 paid Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,550,000 in 2018 for the mining site and spent an additional $710,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately 4 years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs: (FV of $1, P of $1 FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) nd PAD of sp) lowing three nd to itsrigitron of the company Cash Outflow $410,000 510,000 710,000 Probability 25% 40% 35% To aid extraction, Jackpot purchased some new equipment on July 1, 2018, for $230,000. After the copper is removed from this mine, the equipment will be sold. The credit-adjusted, risk-free rate of interest is 10%. Required: 1. Determine the cost of the copper mine. 2. Prepare the journal entries to record the acquisition costs of the mine and the purchase of equipment