Question 1 You are preparing the year-end accounts at the yearend 31st December 2019 for Joseline Oil Company Limited. You have been told that anticipated Decommissioning Costs for the Lions Field is $650 million, and the work will take place in 2029. The company normally applies a 15% discount rate to future cashflows when converting them to a present-day value. At the end of year 2022, it was realized that costs expected to be incurred to decommission the field would increase to $700 million. In addition, at the year- end 2026, three years to decommissioning, the Company estimated that an additional $50 million will be needed increasing the expected decommissioning cost to $750 million. At the time of decommissioning the Field by 31st December 2029 the actual cost incurred for decommissioning is $735 million. As the Accountant for the Company, you are required to generate the relevant accounting entries for the years ending 2019 to 2029. Clearly indicate which entries are for the Income Statement and the Statement of Financial Position (Balance Sheet) (30 marks)