bramble Limited purchased an oil tanker depot on July 2, 2023 had a cost of 630,000 and expects to operate the depot for 10 years after the 10 years bramble is legally required to dismantle the depot and remove the underground storage tanks it is estimated that it will cost $78,750 to do this at the end of the depots useful life. Bramble follows ASPE. 1. calculate the present value of the asset retirement obligation that is its fair value on the date of acquisition based on an effective interest rate of 6%

2. Prepare any journal entries required for the depot and the asset retirement obligation at December 31,2023. bramble uses straight-line depreciation. The estimated residual value of the depot is 0.

2.a Journal entry to record depreciation expense

2.b Journal entry to record accretion expense