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Problem3 An entity enters into a contract with a customer for the sale of a tangible asset on 1 January 2008 for Sim The contract includes a call option that gives the entity the right to repurchase the asset on or before 31 December 2008 for $1.2m What amounts should be Prepare calculations showing the items and amounts to be included in the statement of profit or loss and statement of financial position at 31 December 2008 in respect of the above contract