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can you please solve the whole question for me as fast as u can Question 1 (10 points) Sticky Oil Limited purchased an oil tanker

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can you please solve the whole question for me as fast as u can

Question 1 (10 points) Sticky Oil Limited purchased an oil tanker depot on July 2, 2020 at a cost of $600,000 and expects to operate the depot for 10 years. After the 10 years, Sticky Oil is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $75,000 to do this at the end of the depot's useful life. Sticky Oil follows ASPE. a. Prepare the journal entries to record the acquisition of the depot and the accrual for the asset retirement obligation for the depot on July 2, 2020, based on an effective interest rate of 6%. (3 marks) b. Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2020. Sticky Oil uses straight-line depreciation. The estimated residual value of the depot is zero. (3 marks) c. Show how all relevant amounts will be reported on Sticky Oil Limited's financial statements at December 31, 2020. (2 marks) d. On June 30, 2030, Sticky Oil pays a demolition firm to dismantle the depot and remove the tanks at a cost of $80,000. Prepare the journal entry for the settlement of the asset retirement obligation. (2 marks)

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