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How much provision should have accrued by honesty company

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Reference no: EM133188165

Question - Honesty Company was sued by a competitor for P5,000,000 for infringement of a trademark during 2021. Based on the advice of the legal department, it is probable that Honesty will be liable therefore, in its financial statement for the year ended December 31, 2021, an amount of P3,000,000 was accrued as a provision. On February 10, 2022, the Supreme Court decided in favor of the party alleging infringement of the trademark and ordered the defendant to pay a sum of P3,500,000. The financial statements of Honesty Company were issued on February 15, 2022. How much provision should have been accrued by Honesty Company on December 31, 2021?

Reference no: EM133188165

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