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Prepare the journal entries to record the ARO

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Problem - On January 1, Year 1 Anteater Corp rented a building for 4 years. At the end of the four years, Anteater is required to remove all building improvements and return the building to its & base structure. Anteater estimates the cost to comply will be $200,000. Anteater uses straight line depreciation and its borrowing rate is 10%. The present value of $1, four periods and 10% is 0 68301.

Prepare the journal entries to record the ARO at January 1 and to record depreciation expense and accretion related to the ARO at December 31, Year 1 (please show computations).

Reference no: EM132982943

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