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Please help me very fast, I dont have time A: (4.5 points) On January 1, 2018, Euro Company purchased and fixed a platform. The company

image text in transcribed Please help me very fast, I dont have time
A: (4.5 points) On January 1, 2018, Euro Company purchased and fixed a platform. The company is legally required to dismantle the platform at the end of its 10 years useful life. Euro estimates tha dismantling will cost $400,000 (present value at 10% is 154,220 ). Required: a) Prepare the journal entry to record the environmental liability for the platforn January 1, 2018. b) Prepare any journal entries required for the platform and the environmental lia on December 31, 2018. Assume that straight-line depreciation is used. c) On December 31, 2027, the company contracts with a third party to dismar platform at a price of $370,000. Prepare the journal entry for the settle environmental liability

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