On January $1,2023,$ DMH Ltd$.$ purchased the right to extract oil from proven oil reserves on provincial government land. It paid $$1,900,000$ for production equipment and debited the "Equipment".account for the purchase price. Operations began on that day, and the agreement provided for three years of operations $($until December $31,2025),$ at which time it was estimated the oil reserves would be exhausted. DMH planned to extract the oil evenly over the three$-$year period and therefore decided to depreciate the cost of the equipment using the straight$-$line method, with no residual or salvage value. Included in the agreement with the government was a provision that the business would clean up the site at the end of the three years. On the date of purchase, DMH$\text{'}$s engineers and accountants estimated that the total cost to clean up the site on December $31,2025$ would total $$350,000,$ and the discount rate to be applied to$,$that future cost would be $8\%.($Note: clean$-$up costs are also being debited to "Equipment"$).$ On December $31,2025,$ a contractor was paid $$340,400$ to clean up the site, and in January $2026$ the site was closed. DMH$\text{'}$s fiscal year end was December $31,$ and the company followed ASPE.

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Prepare the required journal entries for each of the following dates, using the expense approach. $($Note: no inventory or sales related journal entries are required$)$:

January $1,2023$ Use $($a$)$ factor Table A$\mathrm{.}2,($b$)$ a financial calculator, or $($c$)$ Excel function PV$.$

$,$ December $31,2023$