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QUESTION 6: PROVISION LIABILITY (10 points) ABCC. presents the following information for 2020: A new product liability lawsuit was files related to the drug of

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QUESTION 6: PROVISION LIABILITY (10 points) ABCC. presents the following information for 2020: A new product liability lawsuit was files related to the drug of the Pharmacy, the attorney's asses the likelihood ( 55%) and allows the company to record a loss under IFRS. If the range of estimates is between $100,000 and $200,000. 1. Determine the amount of Loss (if any) that ABC will accrue for 2020 using IFRS. $ (5 points) 2. If the company had used US GAAP. What would be your answer? ( 5 points) Explanation and calculations

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