Monty's Steelers Inc. (MSI) is a steel manufacturing company located in Ontario. On November 1, 2018, MSI acquired land on which it constructed a facility for steel manufacturing purposes. As part of an environmental agreement with the province of Ontario, MSI is allowed to operate on this site for only 15 years after which time MSI estimates it will need to incur $2,000,000 to dismantle the facilities. Monty went ahead with the construction of the building and recognized the asset retirement obligation at that time. The company's discount rate is 4% and MSI reports under IFRS with a December 31 year-end. What adjusting journal entry should MSI make to initially recognize the ARO under IFRS? (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date November 1, 2018 Account Titles and Explanation Buildings Asset Retirement Obligation Debit Credit What are the journal entries to record at year-end? (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation December 31, 2018 Depreciation Expense Accumulated Depreciation - Buildings December 31, 2018 Interest Expense Gain on Settlement of ARO Debit Credit