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How much is the provision to be reported

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Question - In 2020, a lawsuit was filed against the Company for patent infringement. The plaintiff is claiming P200,000,000 in damages. The Company's legal counsel believes that it is probable that the company will lose the lawsuit and pay damages of not less than P20,000,0000 but not more than P200,000,000. The probability of any amount within the range is as likely as any other amount also within the range. The plaintiff offered to settle the lawsuit out of court for P180 million but the Company did not agree to the settlement. How much is the provision to be reported in the Company's year-end financial statements?

Reference no: EM132977809

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