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Question - At the beginning of 2019, Terry was informed that a new city ordinance would require them to restore the woods behind their main factory if they intend to keep using it. The estimated cost of the restoration will be approximately $430,000 and must be done within the next 5 years or the factory will be shut down. At the time, Terry's board decided to wait until the beginning of Year 6 to start the restoration.
Although the notice was received and the board's decision made at the beginning of the year, no journal entries have yet been made for this obligation. The factory was built 3 years ago when Terry was still a privately held company and is being depreciated using SL depreciation using the original estimate of a 15 year useful life. The depreciation for the building has already been recorded for 2019. The restoration will not change the factory's salvage value.
Make the appropriate journal entries, if any, to account for the new liability. In making your entries, assume that Terry's Internal Rate of Return is 6%.
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