Jackpot Mining Company operates a copper mine in central Montana

Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,200,000 in 2018 for the mining site and spent an additional $640,000 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 PV of $1 FVA of $1 PVA of $1 FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): 
Cash Outflow Probability 
1 $340,000 15% 
2 440,000 45% 
3 640,000 40% 

To aid extraction, Jackpot purchased some new equipment on July 1, 2018, for $160,000. 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.