vas XO Question 5 On January 1, 2021, ClimbX, a public company, bought government land for an outdoor climb park, recording a cost of $385,000. As a legal condition for the use of the land, the company n previous condition when they close the park. ClimbX estimates that at the end of twenty years to close the park, it will cost $150,000 to return the park to its previous condition. The compar rate of 5% to estimate obligations. Which of the following statements is false? esc The legal condition is referred to as a decommissioning or site restoration obligation. 4 ClimbX will include the expected future value of $150,000 in a separate liability account at January 1, 2021, decommissioning or site restoration obligation. O The legal condition will require ClimbX to record a liability on January 1, 2021. ClimbX will use the effective interest method to expense the cost of the obligation over the next 20 years. Question 6 Q A $5,000 (face value) bond with a book value of $4,300 was extinguished (retired) prior to maturity. The f ... JO f2 f3 f4 f5 f6 e f7 fg fg

On January 1, 2021, ClimbX, a public company, bought government land for an outdoor climb park, recording a cost of $385.000. As a legal condition for the use of the land, the company previous condition when they close the park. ClimbX estimates that at the end of twenty year: to close the park, it will cost $150,000 to return the park to its previous condition. The compat rate of 5% to estimate obligations. Which of the following statements is false? Tho legal condition is referred to as a decommissioning or site restoration obligation. ClimbX will include the expected future value of $150,000 in a separate liability account at January 1.2021. decommissioning or site restoration obligation. The legal condition will require ClimbX to record a liability on January 1.2021 Climb X will use the effective interest method to expense the cost of the obligatian over the next 20 ycarx. Question 6 A $,000 (face value) bond with a book value of $4,300 was extinguished (reticed) prior to mapurity