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Fixed Assets and Asset Retirement Obligation

  • 1.  Fixed Assets and Asset Retirement Obligation

    SILVER CONTRIBUTOR
    Posted Nov 20, 2019 10:55 AM
    Looking for options on how to handle this.

    So what needs to happen for example, when it is determined it will take $50,000 to remove the asbestos from a building, and the thought is it will be updated in 10 years, two set of entries need to be made.  One is to increase the liability each year, as in 10 years it will cost more then $50,000 to perform that task.

    The second set of entries is to depreciate this asset.

    Anyone ever done this before?

    Thanks,

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    Jonathan Struble
    Campus Management Corp.
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    Academy - Online Interactive Learning from Experts


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