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Gunk Coreported an asset retirement obligation on its 2019 financial statements. The company estimates that it will need to spend 5421 to retire this asset
Gunk Coreported an asset retirement obligation on its 2019 financial statements. The company estimates that it will need to spend 5421 to retire this asset at the end o 2030. The company's discount rate is 7.0% Record the Journal entry for the accretion expente related to the asset retirement obligation for Gunk in 2020. (Check all that apply) Dr Asset retirement obligation - 5140 Cr. Asset retirement obligation - 529.5 Dr Interest expense -- 515.5 Cr Asset retirement obligation 5140 Cr Interest payable --$14.0 Dr. Accretion expense - $29.5 Dr. Accretion expense $14.0
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