Exercise 13-14 Concord Company purchases an oil tanker depot on January 1, 2017, at a cost of $609,900. Concord expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $71,760 to dismantle the depot and remove the tanks at the end of the depot's useful life Prepare the ouma entries to record the depot considered a plant asset and he asset retirement ob gation for the depot on January 1, 2017 Based on an effective interest rate of 6% the present value of the asset retirement obligation on January 1, 2017, is $40,070. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) DateAccount Titles and Explanation Debit Credit January 1, 2017 To record the depot) January 1, 2017 To record the asset retirement obligation) Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2017. Concord uses straight-line depreciat on; the estimated salvage value for the depot is zero (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation December 31, 2017 (To record depreciation for the depot) December 31, 2017 To record depreciation on asset retirement obligation) December 31, 2017 (To record interest on asset retirement obligation) On December 31, 2026, Concord pays a demolition firm to dismantle the depot and remove the tanks at a price of $75,940. Prepare the journal entry for the settlement of the asset retirement obligation. (Round answers to 0 decimal places, e.g.5,275.If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account tities are automatically Indented when amount is entered. Do not indent manually) Debit Date Account Titles and Explanation Credit December 31, 2026