Current Attempt in Progress

Crane Department Store determines it will cos $$95,000$ to restore the area $($considered a land improvement$)$ surrounding one of its store parking lots, when the store is closed in $2$ fears. Crane estimates the fair value of the obligation at December $31,2025,$ is $$81,000.$

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.$)$

$\backslash$table$[[$Account Titles and Explanation Credit$]]$