Practice Problem 6 (15 minutes) Emilio Corp. purchased the rights to a diamond mine in northern Canada at a cost of $105 million. Emilio is required to decommission the mine site once its operations there have been completed, which is estimated to be in 25 years. The mine became operational on December 31, 2020. Emilio uses the straight-line method to depreciate its assets. Required: a) Assume that Emilio follows IFRS and estimates that the costs to decommission the site will be $65 million. Prepare the journal entries to record the asset and its decommissioning obligation for the first two years. Assume a discount rate of 5% and state answers in dollars, not rounded to millions. b) Assume that the actual decommissioning costs are $67 million on December 31, 2045. Prepare the journal entry to record the derecognition of the decommissioning obligation