Distinguishing between liabilities, provisions and contingent liabilities   LO2, 3, 4, 6 Katz Ltd’s financial statements are authorised for issue on 24 August 2019. Required Identify whether each of the following would be a liability, a provision or a contingent liability, or none of the above, in the financial statements of Katz Ltd as at the end of its reporting period of 30 June 2019. 1. An amount of $35 000 owing to Pigz Ltd for services rendered during May 2019. 2. Long service leave, estimated to be $500 000, owing to employees in respect of past services. 3. Costs of $26 000 estimated to be incurred for relocating an employee from Katz Ltd’s head office location to another city. The staff member will physically relocate during July 2019. 4. Provision of $50 000 for the overhaul of a machine. The overhaul is needed every 5 years and the machine was 5 years old as at 30 June 2019. 5. Damages awarded against Katz Ltd resulting from a court case decided on 26 June 2019. The judge has announced that the amount of damages will be set at a future date, expected to be in September 2019. Katz Ltd has received advice from its lawyers that the amount of the damages could be anything between $20 000 and $7 million.