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What amount of provision should be recognised

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Question - An entity has to rectify a serious fault in an item of plant that it has constructed for a customer. The most likely outcome is that the repair will succeed at the first attempt at a cost of $400,000, but there is a significant chance that a further attempt will be necessary, increasing the total cost to $500,000. What amount of provision should be recognised?

Reference no: EM132965575

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