Meagan’s Metals Corp. (MMC) has been granted a licence to use an abandoned limestone quarry as a dump for old and abandoned motor vehicles. The terms of the licence require MMC to replace the mined limestone with scrap metal, and once the quarry is returned to its original grade, to construct a nature park. MMC estimates that it will take 20 years to fill the dump site and that downstream remediation costs will be $15 million. An appropriate interest rate for this obligation is 6%.

Required:
a. Prepare the journal entry to record the site restoration obligation, assuming that MMC reports its financial results in accordance with IFRS.
b. Prepare the journal entry to record the site restoration obligation, assuming that MMC reports its financial results in accordance with ASPE.