pls answer

Oil Products Company purchases an oil tanker depot on January 1 2020, at a cost of $600,000. Oll Products expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $75,000 to dismantle the depot and remove the tanks at the end of the depot's useful life. (a) Your Answer Correct Answer Your answer is correct Prepare the journal entries to record the depot and the asset retirement obligation for the depot on January 1, 2020. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2020, Is $41.879. Of no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account tidles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit January 1 2020 Plant Assets 800000 Cash 600000 (To record the depot) O. January 1 2020 Plan Assets 41879 Asset Retirement Obligation 4179 (To record the asset retirement obligation Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2020. O Products uses straight-line depreciation; the estimated salvage value for the depot is zero. (Round answers to decimal places, eg 5.275.no entry is required, select "No Entry for the account titles and enter for the amounts Credit occount titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date December 31. 2020 Depreciation Expense 60000 Accumulated Depreciation-Plarit Assets 80000 (To record depreciation for the depot) INTE December 31, 2020 Depreciation Experde Accumulated Dupredation Plan At 4100 (To record depreciation on asset retirement obligation) December 31. 2020 Investe 2513 A.Pusdon To record interest on se retirement obllgation) (c) On December 31, 2029, Oil Products pays a demolition form to dismantle the depot and remove the tanks at a price of $80.000. Prepare the journal entry for the settlement of the asset retirement obligation. (Round answers to decimal places eg. 5.275.no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit December 31, 2029