please plase answer correct

QUESTION II

On January $1,2021,$ Weather Forecasting Company, Inc., $[$WFC$]$ acquired and installed a large

electronic tracking system in downtown Toronto on a city leased property and paid the total

equipment cost of $$23,500,000$ in cash. The cost to dismantle the equipment and to restore the

property at the end of its $20-$year life was estimated at $$4,850,000$ and was duly recorded.

WFC$$s cost of capital is $8\%.$ The equipment has no residual value at the end of its life and the company

will depreciate the asset over its useful life using the straight$-$line method.

Required

$1.$ Prepare the journal entries required to record the acquisition of the equipment.

$2.$ Prepare the journal entry required to record the asset restoration costs at the date of the acquisition

of the equipment.

$3.$ Prepare the journal entry to record the depreciation for $2025.$

$4.$ Prepare the journal entry to record the accretion accrual for $2022.$

WFC sold the asset on January $1,2026$ for a total cash price of $$17,000,000.$ Half of this

compensation was in cash and the balance in $8\%5-$Year $$1,000$ bonds. It paid Rapid Restorers, Inc.,

$$1,400,000$ for dismantling the equipment and restoring the property to its original state. USE THIS

INFORMATION TO ANSWER QUESTIONS $5-8$ STATED BELOW.

$5.$ Determine the net book value of the equipment on December $31,2025.$ Show your computations

in sufficient detail.

$6.$ Determine the balance in the ARO account on December $31,2025.$ Show your computations in a

table giving sufficient detail.

$7.$ Prepare the journal entry to record the sale of the equipment on January $1,2026.$

$8.$ Prepare the journal entry to record the settlement of the ARO on January $1,2026.$