Question 2 [30 points] Text Tech purchased a landfill on January 4, 2020 for $3.50 million. It will use the landfill for 5 years at which time it will be closed. The cost of closing the landtil after 5 years is $1 50 minion, Trimm effective rates of Interest for Text Tech is 8% and all purchases wore made for cash, Text Tech's fiscal year end in December 31, 2020. Enter an appropriate description when entering the transactions in the journal, Dates must be entered in the format ddimmm (e. January 15 would be 15/Jan) Please make sure your final answer(s) are accurate to 2 decimal places. Record the following entries a) The purchase of the landfill Account Explanation PR Debit Cend b) The recognition of the asset retirement obligation (ARO) Gunoral Journal Page GE Date Account/Explanation PR Debit| Credit c) The adjusting entries required at year end regarding the landfill assuming Text Tech uses the straight-line method for its long-term assets General Journal Page G9 Date Account/Explanation PR Debit| Creditdj The entry on January 5, 2025 to close the landfill assuming it cost Text Tech $970,000 PR Dot Credit e) Indicate on which statements the following appear Landhi (select one) Accumulated depreciation, landfill (select one) Obligation for future site restoration (select one) Depreciation expense, landfill (select one) Interest expense select one)Question 5 [45 points] On March 1, 7031, Pace Design Hound 52,772,000 of 1| your, 8%, convertible bonds at 01 plus accrued interest. The bonds paid interest on March | and September 1. Pace Design follows ASPE and amortens Is bond discount using the straight line method On the same date, non-convertible bands would have sold at 10 plus accrued interest On March 1, 2027, $277,200 of the bands were converted into 21,500 Enter an appropriate description when entering the transactions in the journal Dates must be onbored in the format deimumm (lo. January 15 would ba 15idanj. Planse make sure your fruit answers) are accurate to 2 decimal plitces al Pace Design measures the equity component using the residual method Record the following journal entries dealing with the bonds: March 1, 2021: Issuance of the convertible bonds, September 1, 2021: First interest payment December 31, 2021; Pace Design's year and March 1, 2022. Second interest payment March 1. 2022. Conversion of the bands. 2031 2022 auto proctolucom is theiring your green Stop sharing Lide Type here to search O T Ob) Assume instead that Pace Design measures the equity component using the alternate method stated in the ASPE accounting standards. Record the bond issuance and the first interest payment Pape CH Amsoon! PR. Dobit Credit