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The draft financial statement for the year ending 30 June 2019 for Greenwood Ltd are being completed. You have been informed that a senior employer who was dismissed in January 2019 has taken action against the company alleging wrongful dismissal and claiming damages of $600,000. Greenwood Ltd's lawyers are not sure of the likelihood that the former employee will be successful with the claim but they think the probability is less than 25%. The outcome of the action is expected to be settled by December 2019. Legal costs, not recoverable, are estimated at $150,000 regardless of the outcome of the action. Of this amount $30,000 has already been incurred in the months to June 30, 2019. This amount has not yet been paid as at 30th June.
Question (i) Explain how the above matter should be treated within the financial statements and accompanying notes of Greenwood Ltd for the year ending 30th June, 2019.
Question (ii) Record any necessary journal entries.
Determine the net income or loss of each company for the year - show the same balance sheet data at the beginning and end of a year.
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