Concept explainers
Asset Retirement Obligation, Disposal. Buckner Chemical Products reported the following Information on Its latest balance sheet dated December 31 of the current year. The relevant t-accounts follow.
Plant Asset | ||
Cost | 12,000 | |
ARO | 3,000 | |
15,000 |
4,500 | |
4,500 |
Asset Retirement Obligation | ||
3,000 900 |
Beginning Accretion |
|
3,900 |
On January 1 of the following year, Buckner sold the plant asset for $9,000 and incurred $6,200 in disposal costs. Prepare the
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