66. Xtra Processes is involved with innovative approaches to finding energy reserves. Xtra recently built a facility to extract natural gas at a cost of $12 million. However, Xtra is also legally responsible to remove the facility at the end of its useful life of twenty years. This cost is estimated to be $17 million (the present value of which is $6.5 million). What is the journal entry required to record the asset retirement obligation? A) No journal entry required. B) Debit Natural Gas Facility for $17,000,000 and credit Asset Retirement Obligation for $17,000,000 C) Debit Natural Gas Facility for $5,000,000 and credit Asset Retirement Obligation for $5,000,000 D) Debit Natural Gas Facility for $6,500,000 and credit Asset Retirement Obligation for $6,500,000