can someone please take a look at these solutions and explain how they got it.

True or False Questions 1. To be qualified as a financial liability, the only requirement is that the liability has to be arisen from a contractual arrangement that is unfavorable to the entity. False 2. A $1,000, 6%, 10-year bond purchased as a long-term investment at an effective rate at 7%, will pay the investor $70 cash interest each year. FALSE 3. While under ASPE, a contingent liability is either disclosed or recorded, under IFRS, a contingent liability is disclosed only. True 4. TARA Corp. has guaranteed a $100,000 bank loan taken out by another company. There is only a 15% chance that TARA Corp. would have to make a payment under the guarantee. TARA Corp. need to record the guarantee liability for the possible future payout because the loan guarantee is a financial liability. True 5. A company is required by legislation to undertake environment remediation for a mining site that is currently active. The site will not be cleaned up until the mine closes, which is now scheduled for 2032. It is not certain how much the cleanup will cost at that time, or how long it will take. Because there is uncertainty regarding the costs and timing, the mining company does not need to recognize the liability. False