ABC Co. presents the following information for 2020: A new product liability lawsuit was files related to the drug of the Pharmacy, the attorney's asses the likelihood (55\%) and allows the company to record a loss under IFRS. If the range of estimates is between $100,000 and $200,000. 1. Determine the amount of Loss (if any) that ABC will accrue for 2020 using IFRS. \$ (2 points) 2. If ABC Co. uses US GAAP, what is the effect of this transaction on Net Income in 2020? (3 points) Increase , Decrease , It remains the same (select only one) Explanation and * calculations