Question 11 of 40 -/1 E View Policies Current Attempt in Progress Sheffield Processes is involved with innovative approaches to finding energy reserves. Sheffield recently built a facility to extract natural gas at a cost of $13.4 million. However, Sheffield is also legally responsible to remove the facility at the end of its useful life of twenty years. This cost is estimated to be $15 million (the present value of which is $6.3 million). What is the journal entry required to record the asset retirement obligation? Debit Natural Gas Facility for $1600000 and credit Asset Retirement Obligation for $1600000 O Debit Natural Gas Facility for $15000000 and credit Asset Retirement Obligation for $15000000 O Debit Natural Gas Facility for $6300000 and credit Asset Retirement Obligation for $6300000. O Nojournal entry required