Flounder Corp. erected and placed into service an offshore oil platform on January 1, 2023, at a cost of $12 million. Flounder is legally required to dismantle and remove the platform at the end of its ten-year useful life. Flounder estimates that it will cost $1.2 million to dismantle and remove the platform at the end of its useful life and that the discount rate to use should be 9%. Using (a) factor Table A.2, (b) a financial calculator, or (c) Excel function PV. Ignore production related costs for this question. Asset Retirement Obligation (a) Your answer is partially correct. $506,892 Prepare any necessary adjusting entries that are associated with the asset retirement obligation and related expenses at December 31, 2023, assuming that Flounder follows IFRS. (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 Depreciation Expense Accumulated Depreciation - Drilling Platform (To record depreciation expense) Interest Expense Asset Retirement Obligation (To record interest expense) Debit 45620 Credit 456

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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.

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