On January $1,$ Year $3,$ Baxter University purchased a $50-$year old building adjacent to its campus. The university was able to purchase the building at a discounted cost, and the current plan is to use the building for $3$ years and then raze it in $4$ years $($during Year $6)$ in order to use the land to construct a new law school$/$business school shared facility. The building is known to have asbestos which will require remediation just prior to razing. The cost to remove the asbestos in $4$ years is estimated at $\backslash (\backslash$$ $350,000\backslash ).$ Baxter will use an accretion rate of $\backslash (7\backslash \%\backslash )$ and straight$-$line depreciation to account for the obligation. The present value of $\backslash (\backslash$$ $1\backslash )$ for $3$ periods at $\backslash (7\backslash \%\backslash )$ is $0\mathrm{.}816299.$

$1.$ Provide the journal entry to record the asset retirement obligation on January $1,$ Year $3.2.$ Populate the table below to show the accretion expense associated with the liability. Enter $"0"$ if the amount is zero. $3.$ Provide the journal entry to record accretion and depreciation expense on December

$31,$ Year $4.$

$4.$ Assuming the cost to remove the asbestos in Year $6$ is $\backslash (\backslash$$ $355,000\backslash ),$ provide the journal entry to record the cost.