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In Table 2, populate the information related to the asset retirement cost (ARC) and asset retirement obligation (ARO) at 12/31 Year 1. In column A,
In Table 2, populate the information related to the asset retirement cost (ARC) and asset retirement obligation (ARO) at 12/31 Year 1. In column A, select the account name to record the journal entry. In column B, enter the amount of the debit. In column C, enter the amount of the credit.
In Table 3, enter the amount of ARC and ARO accretion over five years in Column B.
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