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Tutorial 6 Provisions and Contingent Liabilities Homework Questions Slim Drug Company produced a new drug treatment for obesity. It received government approval in 2011 and the company began selling the drug in 2012. At a staff meeting in late 2012, the controller suggests setting up a provision for possible future claims related to the new drug. The controller states that this would result in better matching revenues and expenses. 1) Using AASB Standards, what would be the most appropriate response to the controller's suggestion: a. Because sales began in 2012, some expenses should be recorded in 2012 for future claims to result in proper matching b. If it is more likely than not claims will be made, then a provision for future claims should be made c. If it is more likely than not claims will be made and an estimate of the amount of those claims can be reasonably estimated, then a provision should be recorded d. There is no basis for a provision to be recorded at this time. 2) In 2013, Slim Drug Company began to notice problems with its obesity drug. The company stopped selling the drug near the end of 2013. In the last six months of 2014, the company was sued by 1,000 people who had an allergic reaction to the company's obesity drug. At the end of 2014, the company's lawyers believe there is a 60% chance the company will need to make payments in the range of $1,000 to $5,000 to settle each claim. At the end of 2015 while none of the cases have been resolved, the company's lawyers now believe there is an 80% chance the company will need to make payments in the range of $2,000 to $7,000 to settle each claim. In 2016, 400 claims were settled at a total cost of $1.2 million. Based on this experience, the company believes 30% of the remaining cases will be settled for $3,000 each, 50% will be settled for $5,000 and 20% will be settled for $10,000 each. Required: Using AASB Standards, show what journal entries would be required in 2013, 2014, 2015 and 2016. 1