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What amount of loss should ABC accrue at December

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Question - On November 5, 2019, ABC Company was in an accident with an auto driven by Y. ABC Company received a notice on January 12, 2020 of a lawsuit for P 700,000 damages for a personal injuries suffered by Y. ABC's legal counsel believes it is probable that Y will be awarded an estimated amount in the range between P 200,000 and P 450,000 and that P 300,000 is the best estimate. ABC's accounting year ends on December 31 and the 2019 financial statements were issued on March 3, 2020.

Required - What amount of loss should ABC accrue at December 31, 2019?

Reference no: EM132822806

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