Provisions (Contingencies)

Aylmer is a publicly-traded company, it follows IFRS,

During 2020, Aylmer was involved in two separate lawsuits:

In 2020, a customer who visited the Aylmer corporate office slipped and fell. A lawsuit was filed and a court appearance in-front of a judge occurred. Aylmers attorney believes that it is probable and very likely that Aylmer will be liable for damages in the amount of $250,000 as a result of this suit.

In 2020, a separate lawsuit was brought against Aylmer. Aylmer was sued for patent infringement by Kingsmill Corp. Aylmers attorney believes that it is not probable that Aylmer will be liable for $450,000 of damages claimed by Kingsmill.

Please determine if any journal entries should be made or not and create any needed entries