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11. Asset retirement obligationsare a. present ase old buildinge an ahilities b. obligations to repds or other lon tsdproperty usage equipment with new asset d. long-term leg liabilities s to disma 12. Which of the a. Possible. b. Avoidable. c. Remote. d. Probable. following terms is associated with recording a contingent liability is A company has a probable loss that can only be reasonably estimated within a range of outicomes. No single amount within the range is a better estimate than any other amount. 13. Under U.S. GAAP, what amount of loss contingeney should be accrued? a. the maximum amount of the range b. the midpoint amount of the range c. the minimum amount of the range d. the average amount of the range To record an asset retirement obligation (ARO), the cost associated with the ARO is a. expensed in the year of purchase. b. included in the carrying amount (i.e, book value) of the related long-lived asset. e. ignored until it happens in the future. d. capitalized over the asset's useful life. 14. Xenia Corporation issued 3,000 term bonds with a face value of $1,000 each and no additional features for $2,800,000. The bonds' selling price indicated that the bonds were paying interest that was a. lower than the market rate b. the rate the bond investors wanted c. equal to par value d. higher than the market rate 15. The selling price of a bond is the a. par value of the bond 16. b. par value plus the discount of the bond or minus the premium of the bond c. present value of par value plus the present value of the interest payments d. present value of par value minus the present value of the interest payments