The TSU Oil Company has the property that will be abandoned in 20 years. On April 1, 2020, It is estimated that it cost $20 million dollars to restore the property borrowing rate is % to fund the obligation. The factor at % and 20 years are 31180. What is the Journal entry on April 1, 2020, to record the retirement Obligation in the current period Under both GAAP and IFRS?

Answer rating: 100% (QA)

US GAAP No entry It is recognized when a leg... View the full answer