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Reimbursement SENTIENT AWARE Co. is engaged in logistics services. During the year, a warehouse was destroyed by fire. It was estimated that SENTIENT will probably pay around P200M in damages caused to the goods owned by customers that were contained in the destroyed warehouse. The contents of the warehouse at any given point of time are insured for PSOM. SENTIENT's claim for the insurance has been approved for payment by the insurance company. How much is the provision to be recognized? Group of answer choices a. 200M b. 120M C. 60M d. 0 Use the following information for the next three questions: In 20x1, JUBILEE REJOICING Co. recognized a provision for a probable loss on a pending lawsuit amounting to P2,000,000. In 20x2, the lawsuit remains unsettled and JUBILEE determined that the provision on the pending law suit must be increased by P800,000. 1. The law suit was settled for P3,400,000 in 20x3. The effect of the settlement on the 20x3 profit is: increase (decrease) Group of answer choices a. 600,000 (600,000) c. (1,400,000) d. 0 2. The lawsuit was settled for P2,400,000 in 20x3. The effect of the settlement on the 20x3 profit is: increase (decrease) Group of answer choices a. 400,000 b. (400,000) c. (2,400,000) d. 0 3. In 20x3, JUBILEE won the lawsuit. Nothing was paid on the settlement. The effect of the settlement on the 20x3 profit is: increase (decrease) Group of answer choices a. 2,800,000 b. (2,800,000) C. 2,000,000 d 0