on january 1 2020 brown mining enterprises purchased an existing coal mine. brown expects to operate the mine for four years, after which it is legally required to dismantle the mine. brown estimates that it will have to pay 500,000 to dismantle the mine. the applicable general interest rate from brown is 10%.

prepare the journal entry to record the asset retirement obligations on january 1, 2020 and the journal entry to record depreciation and interest expenses on december 31, 2020.