Swifty Limited purchased an oil tanker depot on July $2,2023,$ at a cost of $$516,000$ and expects to operate the depot for $10$ years.

After the $10$ years, Swifty is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it

will cost $$64,500$ to do this at the end of the depot's useful life. Swifty follows ASPE.

Click here to view the factor table.

Click here to view the factor table.

$($a$1)$

Calculate the present value of the asset retirement obligation $($that is$,$ its fair value$)$ on the date of acquisition, based on an

effective interest rate of $6\%.($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.5,275.)$

Present value of the asset retirement obligation $,$$