Account Titles and Explanation \begin{tabular}{l} Debit \\ \hline 5364000 \\ \hline \end{tabular} Credit Plant Assets (To record payment to contractor) Plant Assets \begin{tabular}{|} 52584 \\ \hline \end{tabular} Asset Retirement Obligation 52584 (To record asset retirement obligation) During 2024, Metlock constructed a small manufacturing facility specifically to manufacture one particular accessory, Metlock paid. the construction contractor $5,364,000 cash (which was the total contract price) and placed the facility into service on January 1. 2025. Because of technological change, Metlock anticipates that the manufacturing facility will be useful for no more than 10 years. The local government where the facility is located required that, at the end of the 10 -year period, Metlock remediate the facility so that it can be used as a community center. Metlock estimates the fost of remediation will be $438,200. Metlock uses straight-line depreciation with $0 salvage value for its plant asset and a 12% discount rate for asset retirement obligations. (a) Prepare the journal entries to record the janiary 1, 2025, transactions. Use the Plant Assets account for the tanker depot, (Credit account tibles are outomatically indented when the amount is entered. Do not indent monually If no entry is required, select "No Entry" for