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What amount should be adjusted on december

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Question - Maria Clara Company carried a provision of P4,000,000 in the draft financial statements for the year ended December 31, 2021 in relation to an unresolved court case. On January 31, 2022, when the financial statements for the year ended December 31, 2021 has not yet been authorized for issue, the case was settled and the court decided the final total damages to be paid by the entity at P6,000,000. What amount should be adjusted on December 31, 2021 in relation to this event?

Reference no: EM133130965

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