Marathon Inc. estimates that it will be required to spend approximately $120,000 to remove an underground storage tank in 10 years that was constructed during the current year for $900,000. The present value of this obligation based on the companys discount rate of 8% is $55,583. Record the entry (if any) during the current year related to the expected removal of the storage tank in 10 years.

Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero)