Windsor Company purchases an oil tanker depot on January 1, 2022, at a cost of $732,000. Windsor expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $85,400 to dismantle the depot and remove the tanks at the end of the depot's useful life. (a) Prepare the journal entries to record the depot and the environmental liability for the depot on January 1, 2022. Based on an effective-interest rate of 6%, the fair value of the environmental liability on January 1, 2022, is $47,687. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date January 1, Account Titles and Explanation Debit Credit 2022 (To record the depot) January 1. 2022