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The TSU Oil Company has the property that will be abandoned in 20 years. On April 1, 2020, It is estimated that it cost $20
The TSU Oil Company has the property that will be abandoned in 20 years. On April 1, 2020, It is estimated that it cost $20 million dollars to restore the property borrowing rate is % to fund the obligation. The factor at % and 20 years are 31180. What is the Journal entry on April 1, 2020, to record the retirement Obligation in the current period Under both GAAP and IFRS?
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Fundamental Accounting Principles Volume II
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
1259261433, 978-1260305838
