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Explain the impact on the financial statements should t

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An explosion occurred at the smallest of the four off-site storage locations at Whale Co. on 20 May 2018. This resulted in some damage to inventory and property, plant and equipment. Whale Co's management have investigated the cause of the explosion and believe that they are unlikely to be able to claim on their insurance. Management of Whale Co have estimated that the value of the damaged inventory and property, plant and equipment was £1 million and it has no scrap value.

The directors do not wish to make any amendments or disclosures to the financial statements for the explosion.

Required

Problem 1: Explain the impact on the financial statements should this issue remain unresolved.

Reference no: EM132767089

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