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meriva
3 years ago
15

Connor Buck Company purchased an oil tanker on January 1, 2014, at a cost of $3,000,000 cash. Connor expects to operate the depo

t for 20 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $500,000 to dismantle the depot and remove the tanks at the end of the depot’s useful life. Market Rate interest = 10(a) Prepare the journal entries to record the depot (considered a plant asset) and the asset retirement obligation for the depot on January 1, 2014. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2014, is $35,458.
Business
1 answer:
kakasveta [241]3 years ago
7 0

Answer:

I am from India.......

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