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Mulroon Co, a publishing company, is being sued for $1 million in a libel action in respect of a book published in January 20X0. On 31 October 20X0, the end of the reporting period, the directors believed that the claim had a ten per cent chance of success. On 30 November 20X0, the date the accounts were approved, the directors believed that the claim had a thirty per cent chance of success. In the financial statements to 31 October 20X0 the amount which should be provided is: A. $300,000. B. nil. C. $100,000. D. $1,000,000. |