Open Question: What is the long-term liability of the asset retirement obligation?

3 February 2012, 10:44 am

The stream running behind JEI's current production facility was, at one time, prime trout fishing habitat. Due to recent federal legislation, JEI will be required to restore the stream to its original condition in March 2030 when it abandons this facility and builds a new one in Long, Beach California. The accountant for JEI has estimated the present value (at March 31, 2012) of the required restoration work is $4,528,000. Prepare the long-term liabilities section of the balance sheet and any required footnote disclosures for JEI at March 31, 2012.... Read More »

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