T-Rex Ltd (TR) operates charter flights weekly between Sydney and Canberra so people can attend the The National Dinosaur Museum in Canberra. Unfortunately, one of the flights crashes on the 28th June 2021 into heavy bush on one of the mountains between the two cities and all 25 persons on board are killed. The Chair of the Board asks you to explain how to deal with this liability as their financial statements are currently being finalised as T-Rex Limited balance date is the 30th June 2021. Write a memo to the Chairperson (who is not an accountant) with a detailed explanation to clarify the situation.