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Gunk Co. reported an asset retirement obligation on its 2020 financial statements. The company estimates...

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Accounting

Gunk Co. reported an asset retirement obligation on its 2020 financial statements. The company estimates that the cost to retire this asset at the end of 2040 will be $3,717. The company's discount rate is 9.0%. What is the amount of accretion expense Gunk will record in 2020 related to the asset retirement obligation?

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