Short Answer Question TWO KUWAIT COMPANY bought an Oil Rig for $8,000,000 on January 1, 2021. The expected life of the Oil Rig is 6 years. After 6 years (ie., January 1, 2027), KUWAIT COMPANY is legally obliged (i.e., has an environmental liability) to dismantle the Oil Rig. The expected cost to dismantle the Oil Rig after 6 years is $3,000,000, Assume that 4% is an appropriate interest rate for KUWAIT COMPANY. Assume a residual value for the Oil Rig of zero. KUWAIT COMPANY uses straight-line depreciation. Required: (a) Prepare the appropriate Journal Entries to be made by KUWAIT COMPANY in 2021 (show all relevant workings). (b) Show the relevant Financial Statement Extracts for KUWAIT Company for the year-ended December 31, 2021. (c) Suppose the cost to dismantle the Oil Rig was $3,500,000. Show Journal Entry required on 1 January 2027.