Review Picturs.

Current Attempt in Progress Ayayai Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $8 million. Ayayai is legally required to dismantle and remove the platform at the end of its 7-year useful life. Ayayai estimates that it will cost $1 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 6%. Use (a) factor Table A.2, (b) a financial calculator, or (c) Excel function PV. Ignore production related costs for this question. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2020, assuming that Ayayai follows IFRS. Ignore production-related costs. (Round factor values to 5 decimal places, eg. 1.25124 and final answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation expense) (To record interest expense)Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2020, assuming that Ayayai follows ASPE. Ignore production-related costs. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation expense) (To record accretion expense)