Question: On June 1, 20X1, Tennant Corp. purchased a coal mining site. Under the terms of the purchase agreement, Tennant agrees to restore the site at end end of its useful life to a condition suitable for an alternative use at an estimated future cost of $5,000,000. Tennant estimates these future restoration costs will occur 25 years from the mine's purchase date. Required: If Tennant uses a ten percent (10%) discount rate, prepare the journal entry to record this asset retirement obligation on June 1 as well as the entry to record accretion expense for 20X1. Note: Round all calculations to the nearest whole dollar. Assume Tennant has a calendar year-end. Date Debit Credit 6/1/X1