The end of the reporting period of Entity A is 31 December 2023. On 15 December 2023, the directors publicly announced their decision to close an operating unit and make several employees redundant. Some of the employees currently working in the unit will be transferred to other operating units within Entity A. A detailed formal plan shows that the estimated costs of the closure are as follnws: REQUIRED: What are the journal entries of the closure provision that should be recognised ander HKAS 37 Provisions, Contingent Liabilities and Contingent Assets on 31 December 2023? ACCOUNTS FOR INPUT: | Closure expense | Closure income | Provision for closure expense | | Bank | Contingent liability | Contingent asset | Provision for closure income | ANSWER: The end of the reporting period of Entity A is 31 December 2023. On 15 December 2023, the directors publicly announced their decision to close an operating unit and make several employees redundant. Some of the employees currently working in the unit will be transferred to other operating units within Entity A. A detailed formal plan shows that the estimated costs of the closure are as follows: REQUIRED: What are the journal entries of the closure provision that should be recognised under HKAS 37 Provisions, Contingent Liabilities and Contingent Assets on 31 December 2023? ACCOUNTS FOR INPUT: | Closure expense | Closure income | Provision for closure expense | | Bank | Contingent liability | Contingent asset | Provision for closure income |