aramcoo is a public company that acquired an asset on January 1, 2020 for $350,000,000 paid in cash. The Asset Retire Obligation (ARO) is estimated to $16,000,000 to be incurred at the end of the asset's useful life of 22 years. The discount rate is 4%.

straight-line method of depreciation is used. Ignore decimals in vour calculations

Required-

1. Record all journal and adjusting entries for January 1, 2020, December 31, 2020 and December 31, 2021.
2. Determine the asset carrying value at the beginning of year 2026.