In June 2021, a costumer at ABC Corp slipped on a wet floor and broke a hip. The costumer sued the corporation in July,2019. The companys attorneys believe that it is 55% likely that ABC will lose this case. Management concludes that the 55% likelihood of incurring the loss is less than probable. The attorneys estimate that the loss will range between $700,000 and $800,000, Management There is no best estimate in this range of possible losses. The company beginning balance for provision liability is $100,000. Use IFRS.

1. Determine the Provision Loss $_____ Explanation

2. If US GAAP is used. What will be the loss? $_______ Explanation