Question: a) Explain if a provision should be made at the current SOFP date for: (i) the removal of the rig and restoration of the seabed

a) Explain if a provision should be made at the current SOFP date for: (i) the removal of the rig and restoration of the seabed (11 marks) (ii) restoration cost for extraction of the oil (9 marks) b) Prepare the necessary journal entries for the years ended December 2023, 2024 & 2025. Show all workings.

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