What is the book value of the asset retirement liability at the end of one year? Assuming that the actual restoration costs incurred after five years are $656,000, what amount of gain or loss will Smithson recognize on retirement of the liability? Note: Use appropriate factor(s) from the tables provided. Do not round intermediate calculations. Enter your answers in dollars not in millions of dollars. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Liability

What is the book value of the asset retirement liability at the end of one year? Assuming that the actual restoration costs incurred after five years are $656,000, what amount of gain or loss win Smituson recognite on retirement of the liability? Note: Use appropriate factor(s) from the tables provided. Do not round intermediate calculations. Enter your answers in dollars not in millions of dollars. (FV of \$1, PV of \$1. EVA of \$1, PVA of \$1, EVAD of $1 and PVAD of \$1)