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On Nov. 4, 2022 Pump-N-Go Inc. installed new underground oil storage tanks at a cost of 310,000 and paid cash for the new tanks. These

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On Nov. 4, 2022 Pump-N-Go Inc. installed new underground oil storage tanks at a cost of 310,000 and paid cash for the new tanks. These tanks will capitalized in the account "Storage Tanks". Pump - N-Go Inc. estimates that it will be required to spend approximately $68,000 to remove these underground storage tanks in 10 years. The present value of this obligation based on the company's discount rate of 8% is $31,497. What will be the balance in the Storage Tanks after all of the necessary journal entries are recorded on November 4,2022 ? (do not use dollar signs, commas or decimals in your answer) A. What will be the balance in the Asset Retirement account as of November 4,2022 ? (do not use $, commas or decimals in your answer)

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