On January 1, Pelican Utilities Company acquired a power plant at a total cost of $23,595,000 and paid cash. The estimated cost to dismantle the plant and restore the property at the end of the plant's 15-year life is $4,851,000. Pelican's cost of capital is 2%. Pelican will depreciate the asset over its useful life using the straight-line method. The asset has no residual value. a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formu whole dollar.) Begin by journalizing the cash investment in the plant asset. Account Building January 1, Current Year 23,595,000 Cash 23,595,000 Now journalize the asset retirement obligation related to the plant asset purchased on January 1. Account January 1, Current Year Choose from any list or enter any number in the input fields and then click Check Answer.