Reference no: EM132869199
The financial statements of an entity were authorized for issue on March 31, 2019 and the end of the reporting period is December 31, 2018.
On December 31, 2018, the entity had an account receivable of P1,000,000 from a customer. On February 1, 2019, the liquidator of the said customer advised the entity in writing that the customer was insolvent and that no amount would be paid.
The entity had reported a contingent liability on December 31, 2018 related to a court case. On March 1, 2019, the judge handed down a decision against the entity for damages amounting to P1,500,000.
Question 1: What total amount should be reported as "adjusting events" on December 31, 2018?
a. P1,000,000
b. P1,500,000
c. P2,500,000
d. P0
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