What is the correct answer?

Question 3 Blue Spruce Corp. erected and placed into service an offshore oil platform on January 1, 2020, at a cost of $9 million. Blue Spruce is legally required to dismantle and remove the platform at the end of its 9 year useful life. Blue Spruce estimates that it will cost $0.9 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 6%. Assume that the increase in the asset retirement obligation in 2020 related to the production of oil in 2020 was $66,605. v (a) Your answer is partially correct. Try again. Prepare any necessary entries to record the increase in the asset retirement obligation at December 31, 2020, assuming that Blue Spruce follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 TT Drilling Platform 532710 Asset Retirement Obligation 532710