Part II, Problems (Total 20 Marks) Problem 1 (7 Marks) Starstone Limited follows IFRS and has a year end of December 31. The company erected a drilling platform on April 1, 2023 at a cost of $5,306,000. Starstone is legally required to dismantle and remove the platform at the end of its ten-year useful life, at an estimated cost of $461,000. Instructions (a) Prepare the journal entries to record the acquisition of the drilling platform and to record the asset retirement obligation for the platform on April 1, 2023. An appropriate interest or discount rate is 5%. (b) Prepare any journal entries required for the platform (straight-line depreciation) and the asset retirement obligation at December 31, 2023. The estimated residual value of the platform is zero. (c) On April 1, 2033, Starstone dismantled and removed the platform at a cost of $474,000. Prepare the journal entry for the settlement of the asset retirement.