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On January 1, 2017, Champ Oil International Ltd. constructed a new oil rig for the extraction of oil in Northern Alberta. Champ Oil began producing oil from this rig starting on January 1, 2017. The Province of Alberta requires Champ to dismantle and remove the rig at the end of its 25-year life. Assume that Champ depreciates its oil rig on a straight-line basis, and that the residual value of the rig at the end of its useful life will be zero. Champ Oil International follows ASPE, and has a December 31 year end. Following is additional information about the oil rig: $99,360,999 24,356,991 Oil rig construction cost Estimated cost to dismantle and remove the rig in 25 years Discount rate At the end of the oil rig's 25 year life, it was dismantled and removed at an actual cost of 7.0% $23,313,083 Required: 1. Record the journal entries at January 1, 2017 for: (a) the cost of the oil rig; and (b) the obligation to dismantle and remove the rig (4.5 marks) 2. Record the adjusting journal entry pertaining to the asset retirement obligation at December 31, 2017 (2.5 marks) 3. Record the adjusting journal entry at December 31, 2017 for depreciation expense (2 marks). 4. Record the journal entry for the payment of the asset retirement obligation at the end of the oil rig's useful life (2 marks)