Ayayai Inc., a private company following ASPE, developed a new gold mine during $2023,$ and is required by provincial law to restore the

site to its previous condition once mining operations are completed. The company estimates that the mine will close in $20$ years and

that the land restoration will cost $$4950000.$ Ayayai uses a $5\%$ discount rate.

To the nearest dollar, the entry to record the asset retirement obligation is

Gold Mine

Asset Retirement Obligation

Restoration Expense

Asset Retirement Obligation

Restoration Expense

Asset Retirement Obligation

$1865603$

$1865603$

$247500$

$247500$

$93280$

$93280$

Gold Mine

$4950000$

Asset Retirement Obligation