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Gunk Co. reported an asset retirement obligation on its 2020 financial statements. The company estimates that it will need to spend $1,172 to retire

Gunk Co. reported an asset retirement obligation on its 2020 financial statements. The company estimates that it will need to spend $1,172 to retire this assets at the end of 2025. The present value of the asset retirement obligation is $487. How much accretion expense will Gunk Co. record on the asset retirement obligation? (Round to the nearest whole number.)

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Accretion expense represents the increase in the present value of an obligation over time The formula to calculate accretion expense is as follows Acc... blur-text-image

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