8 (5+ 5 = 10 marks) In 2023 Collingwood Ltd commenced operating a power generating facility in outback Australia. The company has a legal obligation to remediate the site when it closes the operation which is expected to be in 20 years' time. As at 30 June 2023 the best estimate to remediate the site (in 2043) is $10,000,000. One year later the best estimate of remediating the site (in 19 years' time) is $15,000,000. The pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the liability were 7% as at 30 June 2023 and 8% as at 30 June 2024. Provide the journal entries in relation to the above obligation for the years ending 30 June 2023 and 30 June 2024. Ensure narrations are shown for all journal entries. Please write your answer in the grey text box provided below. =