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On January 1, 2021, Wild Water Slides (Wws), a public company, bought government land for an outdoor water adventure park, recording a cost of $350,000. As a legal condition for the use of the land, the company must retum it to its previous condition when they close the park. wws estimates that at the end of ten years when they intend to close the park, it will cost $50,000 to return the park to its previous condition. The company uses an interest rate of 6% to estimate obligations. What amount will be recorded to recognize the provision on January 1, 2021? 4 Disclosure only, no provision $400.000 $195,438 $27,919 Zeppelin Media Inc. (ZMI), a public corporation, supplied all the sound and lighting equipment for an outdoor concert on July 24, 2021. One of the light stands collapsed and several concert goers suffered minor injuries. On the advice of their lawyers, ZMI is at fault and will probably need to pay between $3.000 and 5,000 with payouts equally likely. ZMI will record the following entry in the 2021 financial statements: Provision for $3.000 Provision for $5.000 Contingent liability disclosure note for $5,000 Provision for $4.000 At December 31, 2021 Daffodil Company has the following three separate lawsuits pending against it: Suit A-Plaintiffs seek damages of $50,000; it is remote that Daffodil will lose the suit. Suit B-Plaintiff seeks damages of $250,000; it is approximately 30% possible that Daffodil will lose the case; lawyers estimate the possible loss is $45,000. Suit C-Plaintiff seeks damages of $10,000; it is probable that Daffodil will lose the case; lawyers estimate that Daffodil will be liable for the full loss of $10,000. For Suit B, should Daffodil: Accrue and Disclose, Disclose Only, or Do Nothing? Accrue and disclose Disclose only Do nothing