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Determine the amounts of provision

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Problem - In May 2017, the company was involved in litigation, the suit being contested, but the legal counsel of the company believed that there is a probability that the company is held liable for damages estimated in the range between P 2,000,000 and P3,000,000, and no amount is better estimate of potential liability than any other amount in the range. Determine the amounts of provision, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position.

Reference no: EM132845268

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