b) Discuss the accounting treatment and disclosure for each of the following events and transactions: iv. An entity provides warranties at the time of sale to purchasers of its products. On 31 December 2018 an entity assessed its warranty obligation for products sold before 31 December 2018 at RM100,000. Immediately before the 31 December 2018 annual financial statements were approved for issue, the entity discovered a latent defect in one of its products (i.e., a defect that was not discoverable by reasonable or customary inspection). As a result of the discovery the entity revised its estimate of its warranty obligation at 31 December 2018 to RM150,000