Prepare the journal entries to record the acquisition of the drilling platform and the asset retirement obligation for the platform on January 1, 2023, assuming that Martinez prepares financial statements in accordance with ASPE. An appropriate interest or discount rate is 8%. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the cost of drilling platform) (To recognize the retirement liability) eTextbook and Media List of Accounts Last saved 1 second ago. Attempts: 1 of 3 used Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes. Using multiple attempts will impact your score. 5% score reduction after attempt 2 (e2) The parts of this question must be completed in order. This part will be available when you complete the part above. (e3) The parts of this question must be completed in order. This part will be available when you complete the part above. (e4) The parts of this question must be completed in order. This part will be available when you complete the part above. On January 1, 2023, Martinez Corporation erected a drilling platform at a cost of $5,187,000. Martinez is legally required to dismantle and remove the platform at the end of its 6 year useful life, at an estimated cost of $902,500. Martinez estimates that 70% of the cost of dismantling and removing the platform is caused by acquiring the asset itself, and that the remaining 30% of the cost is caused by using the platform in production. The present value of the increase in asset retirement obligation related to the production of oil in 2023 and 2024 was $30,712 and $33,168, respectively. The estimated residual value of the drilling platform is zero, and Martinez uses straight-line depreciation. Martinez prepares financial statements in accordance with IFRS. (a) Prepare the journal entries to record the acquisition of the drilling platform and the asset retirement obligation for the platform on January 1, 2023. An appropriate interest or discount rate is 8\%. Use (1) factor Table A.2, (2) a financial calculator, or (3) Excel function PV in your calculations. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entrv is reauired. select "No Entrv" for the account titles and enter 0 for the amounts.) Attempts: 1 of 3 used Using multiple attempts will impact your score. Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Assume that on December 31,2028 , Martinez dismantles and removes the platform at a cost of $875,900. Prepare the journal entry to record the settlement of the asset retirement obligation. Also assume its carrying amount at that time is $902,500. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)