flint company purchaes an oil tanker depot on january 1 2020 at a cost of 2620000 for cash. flint expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. it is estimated that it will cost 276000 to dismantle the depot and remove the tanks at the end of the depot's useful life.Prepare the journal entries to record the depot (considered a plant asset) and the asset retirement obligation for the depot on January 1, 2020, Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2020, is $41,879. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2020 To record the depot) January 1, 2020 To record the asset retirement obligation) 559 AM 1302017