On July 1, 2020, Samuel Oil International Ltd. purchased a drilling rig, expecting to operate the rig for 3 years. At the end of this 3 year period, Samuel Oil is legally required to dismantle the rig and remediate the land. Samuel Oil follows IFRS. Other information pertaining to this purchase follows: $ 143,307 5% 1,251,861 $ Estimated cost to dismantle the rig and remediate the land in 3 years Estimated discount rate Cost of the drilling rig on July 1, 2020 At the end of the drilling rig's 3-year life, it was dismantled and the land was remediated at an actual cost of: Samuel Oil's year end 150,472 November 30, 2020 Required: 1. Record the journal entries at July 1, 2020 for: (a) the cost of the drilling rig; and (b) the obligation to dismantle the rig and remediate the land. 2. Record the adjusting journal entry pertaining to the asset retirement obligation at the end of the 2020 fiscal year end. 3. Record the adjusting journal entry at the 2020 fiscal year end for depreciation expense. Assume that Samuel Oil uses the straight-line method of depreciation and that the drilling rig does not have any estimated residual value at the end of its useful life. 4. Record the journal entry for the payment of the asset retirement obligation at the end of the rig's useful life