For each of the following independent items you are asked to classify them as either: -a liability -a provision -a contingent liability - not a liability and explain the reason for your answer (a) The Geeves company has set an amount aside of 5% of its Sales to meet its potential warranty obligations from its existing sales. (b) (b) The Cable company owes $45,000 to the Bailey company for services provided last month. (c) (c) Long service, estimated to be $450,000 owing to employees for past services. (d) Provision for the overhaul of a machine, $40,000. The overhaul is now due but has not been arranged and the company has not yet entered any contract or obligation to carry out the overhaul. (d) (e) A company has had damages awarded against them, but the judgement will not be available until next month and the amount of the damages is extremely uncertain.