During 20x6, a catering company served spoiled food to a wedding reception. As a result of this, several people became violently ill. These have contacted a lawyer and are collectively suing the catering company for S1,600,000 (total). You are the catering company's accountant and are in the process of preparing the financial statements for the ended December 31, 20x6. year Legal counsel has provided you with the following Probability 30% Payout SO 200,000 25% 60,000 1,600,000 25% 20% Required- Estimate the provision that needs to be accrued, if any. Use the following table to analyze the situation. Assume that the catering company is IFRS compliant. Present obligation as a result of a past event Probable outflow Measurable? Conclusion