Triple Chemical Products reported the following information on its latest balance sheet dated December 31 of the current year. The relevant t-accounts follow. (Click the icon to view relevant t-accounts.) On January 1 of the following year, Triple sold the plant asset for $8,000 and incurred $6,300 in disposal costs. Prepare the journal entries required to record the disposal of the asset and the settlement of the asset retirement obligation. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by journalizing the disposal of the asset. Account Year of Disposal Relevant t-accounts Cash Accumulated Depreciation - Plant Asset Gain on Disposal of Plant Asset Plant Asset Accumulated Depreciation - Cost 11,500 Plant Asset Plant Asset ARO Plant Asset 2,500 14,000 4,400 4,400 Now journalize the settlement of the asset retirement obligation. Account Year of Disposal Asset Retirement Obligation 2,500 Beginning 650 Accretion 3,150