Entity A has a policy of cleaning up any environmental contamination caused by its operations but is not legally obliged to do so. Entity B is leasing an office building for which it has no further use. However, it is tied into the lease for another year. Entity C is closing down a division. The Board has prepared detailed closure plans which have been communicated to customers and employees. Entity D has acquired a machine that requires a major overhaul every five years. The cost of the first overhaul is reliably estimated at $25,000. REQUIRED: How should Entity A, Entity B, Entity C and Entity D report these events in the financial statements at the end of the reporting period? ACCOUNTS FOR INPUT: |Provision | Contingent liability | Contingent asset | None of them | ANSWER: Entity A - The answer is Entity B - The answer is Entity C - The answer is Entity D - The answer is