Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $$9\mathrm{.}2$ million. Extraction

activities began on July $1,2024.$ After the copper is extracted in approximately six years, Schefter is obligated to restore the land to its

original condition, including constructing a park. The company's controller has provided the following three cash flow possibilities for

the restoration costs:

The company's credit$-$adjusted, risk$-$free rate of interest is $6\%,$ and its fiscal year ends on December $31.$

Note: Use appropriate factor$($s$)$ from the tables provided. Round other intermediate calculations to the nearest whole dollar. Enter

your answers in whole dollars. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

What is the initial cost of the copper mine?

How much accretion expense will Schefter report in its $2024$ income statement?

What is the book value of the asset retirement obligation that Schefter will report in its $2024$ balance sheet?

Assume that actual restoration costs incurred in $2030$ totaled $$980,000.$ What amount of gain or loss will Schefter recognize on

retirement of the liability?