Sweet Company purchases an oil tanker depot on January 1, 2020, at a cost of $ 582,100. Sweet expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $ 77,790 to dismantle the depot and remove the tanks at the end of the depots useful life.

On December 31, 2029, Sweet pays a demolition firm to dismantle the depot and remove the tanks at a price of $ 85,620. Prepare the journal entry for the settlement of the asset retirement obligation. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2029	ASSET RETIREMENT OBLIGATION	77790
	LOSS ON ARO SETTLEMENT	?
	CASH		?