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Wisconsin Energy Company determines it has an ARO of $ 1 , 0 0 0 , 0 0 0 related to underground gas tanks for
Wisconsin Energy Company determines it has an ARO of $ related to underground gas tanks for a gas station that it purchased on January The tanks have a useful life of years and will be depreciated using the straightline method. The present value of the ARO using a discount rate of is $
Complete the following schedule to assist in the accounting for the ARO. Round to the nearest dollar
Year ARO Liability Accretion Expense ARO Liability Depreciation
January December
Record the necessary journal entries for and
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