RGV Oil & Gas Co, purchases a gas platform on January 1, 2014, at a cost of $1,300,000 RGV Oil & Gas Co is legally required to dismantle and remove the platform at the end of its useful life (10 Years). It is estimated that it will cost $300,000 to dismantle remove the platform at the end of the useful life. a. Prepare the journal entries to record the platform and the asset retirement obligation for the platforms on January 1, 2014. Based on an effective interest rate of 10%, the present value of the asset retirement obligation on January 1, 2014, is $115,663 b. Prepare any journal entries required for the platforms and the asset retirement obligation at December 31, 2014 and December 31, 2015. RGV Oil & Gas Co. uses straight-line depreciation, the estimated salvage value for the platform is zero. con December 31, 2023, RGV OL & Gas Co, pays a demolition firm to dismantle and remove the platform at a price of $270,000. Prepare the journal entry for the settlement of the asset retirement obligation