Bramble Corp. erected and placed into service an offshore oil platform on January $1,2023,$ at a cost of $$9$ million. Bramble is legally

required to dismantle and remove the platform at the end of its seven$-$year useful life. Bramble estimates that it will cost $$0\mathrm{.}9$ million

to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be $6\%.$ Using $($a$)$ factor Table

A$\mathrm{.}2,($b$)$ a financial calculator, or $($c$)$ Excel function PV$.$ Ignore production related costs for this question.

Asset Retirement Obligation $$598,554$

$($a$)$

Your answer is partially correct.

Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at

December $31,2023,$ assuming that Bramble follows IFRS. $($Round answers to $0$ decimal places, e$.$g$.5,275.$ Credit account

titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before

credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Depreciation Expense

Accumulated Depreciation $-$ Drilling Platform

$($To record depreciation expense$)$

Asset Retirement Obligation

$($To record interest expense$)$