Novak Corp. erected and placed into service an offshore oil platform on January 1,2023, at a cost of $10 million. Novak is legally required to dismantle and remove the platform at the end of its eight-year useful life. Novak estimates that it will cost $1.0 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 9% Using (a) factor Table A.2. (b) a financial calculator, or (c) Excel function PV. Ignore production related costs for this question. Asset Retirement Obligation $501,870 (a) Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2023, assuming that Novak follows IFRS, (Round answers to 0 decimol places, es. 5,275. Credit account tities are automotically indented when the omount is entered. Do not indent manuaily. Ust all debit entries before credit entries. If no entry is requined, select "No Entry" for the occount tities and enter O for the amounts.)