Question: Current Attempt in Progress Blossom Department Store determines it will cost $107,000 to restore the area (considered a land improvement) surrounding one of its store

Current Attempt in Progress Blossom Department Store determines it will cost $107,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31, 2025, is $93.000. Prepare the journal entry to record the asset retirement obligation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation 17 Debit Credit

Current Attempt in Progress Blossom Department Store determines it will cost $107,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31, 2025, is $93,000. Prepare the journal entry to record the asset retirement obligation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

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