ABC Ltd sells washing machines with a one-year warranty. On 30 June 2021, ABC Ltd made the following estimation: If minor defects are detected in all products that are in the warranty period, repair costs of $120,000 would result. If major defects are detected in all products that are in the warranty period, repair costs of $550,000 would result. Based on past experience and future expectations, ABC Ltd estimates that 78% of the washing machines will have no defect, 17% will have minor defect and 5% will have major defect. What is the amount of provision for warranty to be recognised on 30 June 2021? Do not include commas and dollar sign ($) in your answer. Present $1,000 as 1000.