On January 1, 2018, Euro Company purchased and fixed an oil rig. The company is legally required to dismantle the rig at the end of its 10 years useful life. Euro estimates that dismantling will cost $400,000 (present value at 10% is 154,220). Required: A) Prepare the journal entry to record the environmental liability for the rig on January 1, 2018. B) Prepare any journal entries required for the rig and the environmental liability at December 31, 2018. Assume that straight-line depreciation is used: C) On December 31, 2027, the company contracts with a third party to dismantle the rig at a price of $370,000. Prepare the journal entry for the settlement of the environmental liability