Question 12 of 13 < > VICWT VICIC - / 3.33 Current Attempt in Progress In 2025, NewLife Landfill purchased a new landfill site. As part of the purchase, they determine future remediation costs of $500,000. The landfill has an estimated life of 25 years. NewLife's cost of capital is 8%. The present value of a single amount at 8% for 25 years is .14602. The present value of an ordinary annuity at 8% for 25 years is 10.67478. If NewLife did not record the ARO liability correctly, determine the impact for each item listed below and indicate the effect of the error (if any) in the blanks provided by using the appropriate terms. Net Book Value of Plant Assets at 12/31/25 Net Book Value of Liabilities at 12/31/25 Net Income Transaction 1. No Asset Retirement Obligation recorded. 2. No Accretion Expense recorded. 3. The depreciation expense calculated. Overstate Understate No Effect