Practice Problem 5 (25 minutes) On August 1, 2019, Petro Inc. opened five new gas stations and completed the installation of gasoline and diesel in-ground tanks. The cost of the tanks and their installation totalled $1,100,000. The tanks are expected to last 15 years, with no residual value, and at the end of their useful lives, the tanks will be removed and disposed of in accordance with the regulatory requirements. Petro has estimated that the costs required to properly remove and decommission the tanks at the end of their useful lives will be $300,000 (15 years after the initial installation date). The company uses a discount rate of 5% for these types of obligations. The company, which follows IFRS, has a July 31 year end and uses the straight-line method to depreciate the tanks. Required: a) Prepare all of the journal entries required for the noted transactions for Petro's fiscal year ends of July 31, 2020, and 2021. b) Assuming instead that Petro follows ASPE, prepare the journal entries from (a)