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Prepare the journal entries related to facility purchase

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Question - On Jan. 1, 2020, AAA purchased a facility to extract natural gas at a cost of $20 million. However, AAA is also legally responsible to remove the facility at the end of its useful life of twenty years. This cost is estimated to be $15 million (the present value of which is $7 million). The salvage value of the facility is $1 million. Prepare the journal entries related to this facility purchase, ARO, and depreciation expenses in 2020?

Reference no: EM132526756

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