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1. On April 30, 20x2, an explosion occurred at CONVOLUTE TWIST Co.'s plant causing extensive property damage to area buildings. CONVOLUTE's management and counsel concluded that it is likely that claims will be asserted and that it is probable that CONVOLUTE will be held responsible for damages. CONVOLUTE's management believed that P5,000,000 would be a reasonable estimate of its liability. CONVOLUTE's P20,000,000 comprehensive public liability policy has a P1,000,000 deductible clause, CONVOLUTE's financial statements were authorized for issue on March 30, 20x2. How should the event above be reported in CONVOLUTE's December 31, 20x1 financial statements? Group of answer choices a. accrue a provision of PIM. b. disclose only PIM C. accrue and disclose PIM. d. neither accrue nor disclose. 2. On January 1, 20x2, an explosion occurred at DESTITUTE LACKING Co.'s plant causing extensive property damage to area buildings. Although no claims had yet been asserted against DESTITUTE as of March 10, 20*2, DESTITUTE's management and counsel concluded that it is likely that claims will be asserted and that it is reasonably possible that DESTITUTE will be held responsible for damages. DESTITUTE's management believed that P5,000,000 would be a reasonable estimate of its liability. DESTITUTE's P20,000,000 comprehensive public liability policy has a P1,000,000 deductible clause DESTITUTE's financial statements were authorized for issue on March 30, 20x2. How should the event above be reported in DESTITUTE's December 31, 20x1 financial statements? Group of answer choices a. accrue a provision of PIM. b. disclose only PIM C. accrue and disclose P1M. . neither accrue nor disclose. 3. On December 31, 20x1, an explosion occurred at OCULAR OF THE EYE Co.'s plant causing extensive property damage to area buildings. Although no claims had yet been asserted against OCULAR as of March 10, 20x2, OCULAR's management and counsel concluded that it is likely that claims will be asserted and that it is probable that OCULAR will be held responsible for damages. OCULAR's management believed that P5,000,000 would be a reasonable estimate of its liability. OCULAR's P20,000,000 comprehensive public liability policy has a P1,000,000 deductible cause, OCULAR'S financial statements were authorized for issue on March 30, 20x2. How should the event above be reported in OCULAR's December 31, 20x1 financial statements? Group of answer choices a. accrue a provision of PIM. b. disclose only P1M. C. accrue and disclose P1M. d. neither accrue nor disclose