On October 1, 2023, the provincial environment ministry identified Oriole Chemical Inc as a potentially responsible party in chemical spill. Oriole's management, along with its counsel, have concluded that it is likely that Oriole will be found responsible for damages, and a reasonable estimate of these damages is $6 million. Oriole's insurance policy of $12 million has a clause requiring a deductible of $600,000.

a. Assume ASPE is followed, how should Oriole report this information in its financial statements at December 21, 2023?

Liability reported under ASPE = $