Current Attempt in Progress On January 1, 2023, Ayayai Corporation erected a drilling platform at a cost of $4,641,000. Ayayai is legally required to dismantle and remove the platform at the end of its 6 year useful life, at an estimated cost of $807,500. Ayayai estimates that 70% of the cost of dismantling and removing the platform is caused by acquiring the asset itself, and that the remaining 30% of the cost is caused by using the platform in production. The present value of the increase in asset retirement obligation related to the production of oil in 2023 and 2024 was $27,479 and $29,677, respectively. The estimated residual value of the drilling platform is zero, and Ayayai uses straight-line depreciation. Ayayai prepares financial statements in accordance with IFRS. Click here to view the factor table. (a) Your answer is correct. Prepare the journal entries to record the acquisition of the drilling platform and the asset retirement obligation for the platform on January 1, 2023. An appropriate interest or discount rate is 8%. Use (1) factor Table A.2, (2) a financial calculator, or (3) Excel function PV in your calculations. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O 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.) (b) Account Titles and Explanation Drilling Platform Cash (To record the cost of drilling platform) Drilling Platform Asset Retirement Obligation (To recognize the retirement liability) eTextbook and Media List of Accounts Your answer is partially correct. Debit 4,641,000 356,203.59 Credit 4,641,000 356,203.59 Attempts: 1 of 3 used Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2023. (Round answers to O 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 O for the amounts.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Drilling Platform (To record depreciation expense) Interest Expense Asset Retirement Obligation (To record interest expense) Drilling Platform Asset Retirement Obligation (To record production of oil inventory) eTextbook and Media List of Accounts Debit 773,500 27,479 242.250 Credit 773,500 27,479 242,250 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e1) The parts of this question must be completed in order. This part will be available when you complete the part above. (e2) The parts of this question must be completed in order. This part will be available when you complete the part above. (e3) The parts of this question must be completed in order. This part will be available when you complete the part above. (e4) The parts of this question must be completed in order. This part will be available when you complete the part above