2 (15 Marks) Under IFRS, identify whether each of the following is a provision, contingent liability, or neither. Explain your answer a) GHT Company Inc. purchased a historic building early this year and renovations to the building are ongoing. An engineering company, hired by GHT, has prepared a preliminary report stating there are likely structural issues the company needs to address in the next year. Before the building can be used it must pass inspection and this will not happen unless these issues are resolved. They are not sure of the cost of reparation. b) Goodfellow Motors Ltd. Noticed an error in one of its engine models, GT35X. A recall has been issued to all car manufacturers who purchased the GT35X model. The company is expecting to pay $4.7 million in repairs to fix the issue. c) A Long Ride Stable Inc. provides boarding and coaching services. Recently a prize horse was injured while under its care. The owner has negotiated that A Long Ride will need to pay 50% of the veterinary bills. The vet has not yet given A Long Ride, or the owner, a quote for services. d) Helga Cosmetics Inc. discovered its new organic face cream was not really organic as the suppliers of the jojoba oil misrepresented the product. As a result, Helga's customers are unhappy and have filed a class action lawsuit. e) True North Industries Ltd. offers a one-year warranty for every tent it sells. On average for the last 2 years, 3% of all tents are returned under warranty. The cost to fix an average repair is $35