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You are the accountant for Serry Company which has agreed to act as guarantor on a loan of $2 million obtained by Webster and Sons.

You are the accountant for Serry Company which has agreed to act as guarantor on a loan of $2 million obtained by Webster and Sons. Serry Company, as guarantor, is required to pay back the loan if Webster and Sons cannot pay.

Required:

In light of the AASB Framework, justify how (or if) the guarantee of the loan would be shown in the books of Serry Company.

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