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What would be the adjusting journal entries

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Question - XZY Inc., a public co. using IFRS, built a ski lift in an environmentally sensitive area that began operation on February 1, 2017. XYZ has a December 31 year end. The provincial government requires that the lift be fully dismantled after the lease term which XYZ Skis has contracted for 25 years, at which time XYZ estimates it will cost $24,000,000 for the dismantling and removal of the lift.

What would be the adjusting journal entries be related to both the asset amortization and asset retirement obligation for the year ended December 31, 2017 assuming straight-line amortization and a 5% interest rate?

Reference no: EM132813871

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