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What is the interest expense on the asset retirement

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Question - On December 31, 20x0, an entity invested $500,000 in an asset. The asset's useful life is 20 years after which the asset will have to be decommissioned at a cost of $300,000. During 20x9, the estimate of the cost to decommission the asset was changed to $200,000. What is the (1) interest expense on the asset retirement obligation and (2) the depreciation expense on the asset during the year 20x9? Assume a discount rate of 4%.

Reference no: EM132803657

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