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How much loss should be accrued

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Question - On Dec. 3, 2021, Moving Corporation's truck collided with a car driven by Anna Dior. The corporation was served with a lawsuit seeking P900,000 in damages for Anna's personal injury on Jan. 13, 2022. The corporation's counsel believed that Anna Dior would be awarded a sum in the range between P400,000 and P630,000, and no amount is a better estimate of possible liability than any other amount since each point in the range is equally plausible. On March 3, 2022, the financial statements for 2021 were released. On Dec. 31, 2021, how much loss should be accrued?

Reference no: EM133070379

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