Raycroft operates a nuclear power station. The power station is due to be decommissioned on

$31$ December $20$X$8$ but will be fully operational up to that date. It has been estimated that the

cost of decommissioning the power station and cleaning up any environmental damage, as

required by legislation, will be $$60$ million. Raycroft recognised a provision for the present

value of this expenditure at $31$ December $20$X$0.$ A suitable discount rate for evaluating costs

of this nature is $12\%,$ equivalent to a present value factor after eight years of $0\mathrm{.}404.$ The

decommissioning cost will be depreciated over eight years.

What is the total charge to profit or loss in respect of this provision for the year ended $31$

December $20$X$1$ and $20$X$2?$