During $2024,$ Blossom constructed a small manufacturing facility specifically to manufacture one particular accessory. Blossom paid the construction contractor $$5,083,000$ cash $($which was the total contract price$)$ and placed the facility into service on January $1,2025.$ Because of technological change, Blossom anticipates that the manufacturing facility will be useful for no more than $10$ years. The local government where the facility is located required that, at the end of the $10-$year period, Blossom remediate the facility so that it can be used as a community center. Blossom estimates the cost of remediation will be $$566,400.$

Blossom uses straight$-$line depreciation with $$0$ salvage value for its plant asset and a $9\%$ discount rate for asset retirement obligations.

$($a$)$

Prepare the journal entries to record the January $1,2025,$ transactions. Use the Plant Assets account for the tanker depot. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Round present value factor calculations to $5$ decimal places, eg$.1\mathrm{.}25124$ and final answers to $0$ decimal places e$.$g$.5,125.)$

Account Titles and Explanation

Debit

Credit