On January 1, 2020. Bramble Corporation erected a drilling platform at a cost of $5896,800, Bramble is legally required to dismantle and remove the platform at the end of its 6 year useful life at an estimated cost of $1.026,000. Bramble estimates that 70% of the cost of dismantling and removing the platform is caused by acquiring the asset itselt and that the remaining 30% of the cost is caused by using the platform in production. The present volt of the increase in asset retirement obligation related to the production of olin 2020 and 2021 was $34.914 and $37.707 respectively. The estimated residual value of the drilline platform is zero, and Bramble uses straight-line depreciation Branble prepares financial staten onts in accordance with IFRS Click here to view the factortable PRESENT VALUE OF L Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entries to record the acquisition of the drilling platform and the asset retirement obligation for the platform on January 1, 2020. An appropriate interest or discount rate is 3%. Use (1) factor Table A 2.12) a financial calculator, or (3) Excel function PV in your calculations. (Hint: For a review of present value concepts, see Chapter 3 of Volume 1.) (Round foctor values to 5 decimal places, eg, 1.25124 and final answers to decimal places 3.5275. 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 for the amounts.) LOCUL WITHKS Click here to view Click here to view Inventory OF1 Interest Payable No Entry Accretion Expense Prepare the jour Accounts Receivable Depreciation Expense latform, and the asset retirement obligation for the platform on January 1,20 Accumulated Depreciation Drilling Platform Ise (1) factor Table A.2. (2) a financial calculator, or (3) Excel function PV in v Low on Settlement of Asset Retirement Oblication concepts, see Chapter 3 of Volume 1) (Round factor values to 5 decimal places, Ginton Settlement of Aiset Retirement Obligation 275. Credit account ttles are automatically indented when the amount is entered Asset Retirement Obligation Interest Expense No Entry for the account titles and enter for the amounts) Cash Date 4 Drain Pator Debit Credit Acts Payable Jan. 1. 2020 (To record the cost of drilling platform) Jan 1, 2020 (To recognize the retirement liability) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2020. (Round answers to decimal places, eg: 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To record depreciation expense) Dec. 31, 2020 (To record interest expense) Dec. 31 (To record production of oil inventory) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2021. (Round answers to decimal places, eg 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 To record depreciation expense) Dec 31, 2021 (To record interest expense) Dec 31, 2021 (To record production of oil inventory) Assume that on December 31, 2025, Bramble dismantles and removes the platform at a cost of $995,760. Prepare the journal entry to record the settlement of the asset retirement obligation. Also assume its carrying amount at that time is $1026,000, (Round answers to decimal places, eg. 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31, 2025 Prepare the journal entries to record the acquisition of the drilling platform, and the asset retirement obligation for the platform, on January 1, 2020, assuming that Bramble prepares financial statements in accordance with ASPE. An appropriate interest or discount rate is 8%. (Round answers to decimal places, es 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 for the amounts) Date Account Titles and Explanation Debit Credit Jan 1, 2020 (To record the cost of drilling platform) Jan. 1, 2020 (To recognize the retirement liability) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2020, assuming that Bramble prepares financial statements in accordance with ASPE. (Round answers to decimal places, es. 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 for the amounts) Account Titles and Explanation Debit Credit Date Dec 31, 2020 (To record depreciation expense) Dec 31, 2020 (To record accretion expense) Dec 31, 2020 (To adjust asset retirement obligation) Prepare any journal entries required for the platform and the assetretirement obligation at December 31, 2021, assuming that Bramble prepares financial statements in accordance with ASPE. (Round answers to decimal places, eg 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 for the amounts.) Date Account Titles and explanation Debit Credit Dec 31, 2021 (To record depreciation expense) Dec 31, 2021 (To record accretion expense) Dec 31, 2021 (To adjust asset retirement obligation) Assume that on December 31, 2025, Bramble dismantles and removes the platform for a cost of $995,760. Prepare the journal entry to record the settlement of the asset retirement obligation, assuming that Bramble prepares financial statements in accordance with ASPE. Also assume its carrying amount at that time is $1,026,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If nio entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31. 2025 D On January 1, 2020. Bramble Corporation erected a drilling platform at a cost of $5896,800, Bramble is legally required to dismantle and remove the platform at the end of its 6 year useful life at an estimated cost of $1.026,000. Bramble estimates that 70% of the cost of dismantling and removing the platform is caused by acquiring the asset itselt and that the remaining 30% of the cost is caused by using the platform in production. The present volt of the increase in asset retirement obligation related to the production of olin 2020 and 2021 was $34.914 and $37.707 respectively. The estimated residual value of the drilline platform is zero, and Bramble uses straight-line depreciation Branble prepares financial staten onts in accordance with IFRS Click here to view the factortable PRESENT VALUE OF L Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entries to record the acquisition of the drilling platform and the asset retirement obligation for the platform on January 1, 2020. An appropriate interest or discount rate is 3%. Use (1) factor Table A 2.12) a financial calculator, or (3) Excel function PV in your calculations. (Hint: For a review of present value concepts, see Chapter 3 of Volume 1.) (Round foctor values to 5 decimal places, eg, 1.25124 and final answers to decimal places 3.5275. 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 for the amounts.) LOCUL WITHKS Click here to view Click here to view Inventory OF1 Interest Payable No Entry Accretion Expense Prepare the jour Accounts Receivable Depreciation Expense latform, and the asset retirement obligation for the platform on January 1,20 Accumulated Depreciation Drilling Platform Ise (1) factor Table A.2. (2) a financial calculator, or (3) Excel function PV in v Low on Settlement of Asset Retirement Oblication concepts, see Chapter 3 of Volume 1) (Round factor values to 5 decimal places, Ginton Settlement of Aiset Retirement Obligation 275. Credit account ttles are automatically indented when the amount is entered Asset Retirement Obligation Interest Expense No Entry for the account titles and enter for the amounts) Cash Date 4 Drain Pator Debit Credit Acts Payable Jan. 1. 2020 (To record the cost of drilling platform) Jan 1, 2020 (To recognize the retirement liability) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2020. (Round answers to decimal places, eg: 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To record depreciation expense) Dec. 31, 2020 (To record interest expense) Dec. 31 (To record production of oil inventory) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2021. (Round answers to decimal places, eg 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 To record depreciation expense) Dec 31, 2021 (To record interest expense) Dec 31, 2021 (To record production of oil inventory) Assume that on December 31, 2025, Bramble dismantles and removes the platform at a cost of $995,760. Prepare the journal entry to record the settlement of the asset retirement obligation. Also assume its carrying amount at that time is $1026,000, (Round answers to decimal places, eg. 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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31, 2025 Prepare the journal entries to record the acquisition of the drilling platform, and the asset retirement obligation for the platform, on January 1, 2020, assuming that Bramble prepares financial statements in accordance with ASPE. An appropriate interest or discount rate is 8%. (Round answers to decimal places, es 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 for the amounts) Date Account Titles and Explanation Debit Credit Jan 1, 2020 (To record the cost of drilling platform) Jan. 1, 2020 (To recognize the retirement liability) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2020, assuming that Bramble prepares financial statements in accordance with ASPE. (Round answers to decimal places, es. 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 for the amounts) Account Titles and Explanation Debit Credit Date Dec 31, 2020 (To record depreciation expense) Dec 31, 2020 (To record accretion expense) Dec 31, 2020 (To adjust asset retirement obligation) Prepare any journal entries required for the platform and the assetretirement obligation at December 31, 2021, assuming that Bramble prepares financial statements in accordance with ASPE. (Round answers to decimal places, eg 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 for the amounts.) Date Account Titles and explanation Debit Credit Dec 31, 2021 (To record depreciation expense) Dec 31, 2021 (To record accretion expense) Dec 31, 2021 (To adjust asset retirement obligation) Assume that on December 31, 2025, Bramble dismantles and removes the platform for a cost of $995,760. Prepare the journal entry to record the settlement of the asset retirement obligation, assuming that Bramble prepares financial statements in accordance with ASPE. Also assume its carrying amount at that time is $1,026,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If nio entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31. 2025 D