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Part III. (8 Asset ExxonMobil Corporation y required to di points) Asset Retirement Obligation purchases an oil drilling oil drilling platform on January 1, 2017, at a cost of expects t susefullife platform and the cost is estimated to S75,000 at the end of the A. s useful tie the platfrte the drilling platform for 5 years, at troeints) Prepare the journal entries January 1, 2017 ..te of 6%, to for the platform o recordthe drilling platform and the asset 1. 2017,to caleulate atorm on January 1, 2017. Use a market effective the dr t obligation for the platform on January ate the present value of the asset retirement obligation on B. and the asset are any journal entries required for the platform t obligation at December 31. 2017. ExxonMobil uses straight-line n; the estimated salvage value for the platform is zero. C. (2 points) On December 31, 2021, Exxon Mobil pays a demolition firm to dismantle the platform at a price of $80,000. Prepare the journal entry for the settlement of the asset retirement obligation