Avayal Company porchases an oil tanker depot on January 1, 2022, at a cost of $588,000. Ayayal expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $68.600 to dismantle the depot and remove the tanks at the end of the depot's useful life. (al Prepare the journal entries to record the depast and the environmental liability for the depot on January 1, 2022. Based on an etfective interest rate of 6%. the fair value of the environmental liability on January 1, 2022.s $38,306. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit January 1.2022 To record the depot) January 1.2022 (To record the environmental liability)