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XYZ Ltd is a manufacturing company producing computer chips. For the year ending June 2020, it made a profit of $680 million and had assets
XYZ Ltd is a manufacturing company producing computer chips. For the year ending June 2020, it made a profit of $680 million and had assets of $900 million. In August 2020 a fire destroyed the main stamping machine and to replace that equipment it will cost $5 million. However, due to shipping logistics the equipment will not arrive until January 2021. Explain whether this event is material.
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