Novak's Steelers Inc. (NSI) is a steel manufacturing company located in Ontario. On November 1, 2021, NSI acquired land on which it constructed a facility for steel manufacturing purposes. Since its manufacturing process produces excessive waste, the government of Ontario has imposed a requirement for NSI to clean up property. As part of its agreement with the province of Ontario, NSI is allowed to operate on this site for only 15 years after which time NSI estimates it will need to incur $2,200,000 to clean up the site. Novak went ahead with the construction of the building and recognized the asset retirement obligation at that time. The company's discount rate is 5% and NSI reports under IFRS with a December 31 year-end. (a) What adjusting journal entry should NSI have made to initially recognize the ARO under IFRS? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 0.52750 and round final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) eTextbook and Media List of Accounts Attempts: 0 of 1 used