On 31 March 2018 the Board of Directors for Y Ltd signed off on the financial statements for the year ended 31 December 2017 On 21 February 2019 there was an earthquake that damaged their warehouse which was valued at $500,000. The estimated cost of the damage is $50,000 of which half is expected to be covered under insurance policies How should this material event have been included in the Financial Statements for Y Ltd for the year ended 31 December 2017 Select one: a. As a current liability of $50,000 and a current asset of $25,000 b. As a reduction to the value of the warehouse under Property, plant and equipment c. As a current Liability of $50,000 d. As a note of disclosure for the event e. As a current liability of $25,000