Recording Asset Retirement Obligation BPP Company maintains underground storage tanks for its operations. A new storage tank was installed and made ready for use at a cost of $400,000 on January 1, 2020. The fullife estimated at 15 years at which time the company is legally required to remove the tank and restore the area at an estimated cost of $40,000. The appropriate discount rate for the company is 12% Answer the following questions, rounding your answers to the nearest whole number. a Record the storage tank asset and the related asset retirement obligation on January 1, 2020, b. Record any required adjusting entries on December 31 2020. c Assume that on December 31, 2035, the tank is safely removed at a cost of $46,000. Record the required journal entry Account Name To record purchase of storage tank To record asset retirement.oblitation 2 Dr. Cr. b. Account Name Dr. Cr. G b. Record any required adjusting entries on December 31 2020. c. Assume that on December 31, 2035, the tank is safely removed at a cost of $46,000. Record the required journal entry. a. Account Name To record purchase of storage tank. To record asset retirement obligation. b. Account Name To record depreciation, C. To record accretion. Account Name OO Dr. Cr. 0 0 0 0 0 0 0 0 Dr. Cr. 0 0 0 0 0 0 O 0 0 Dr. 40,000 0 0 Cr. 000