Bramble Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $8 million. Bramble is legally required to dismantle and remove the platform at the end of its 7-year useful life. Bramble estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 6%. Use (a) factor Table A.2, (b) a financial calculator, or (c) Excel function PV. Ignore production-related costs for this question. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2020, assuming that Bramble follows IFRS. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amount.

Please make the following entries-

i) To record depreciation expense

ii) To record interest expense

Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2020, assuming that Bramble follows ASPE. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Please make the following journal entries-

i) To record depreciation expense

ii) To record accretion expense