Question 341 pts During the current year, Spiderman Company won a litigation award for P1,500,000...
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Question 341 pts During the current year, Spiderman Company won a litigation award for P1,500,000 which was tripled to P4,500,000 to include punitive damages. The defendant, who is financially stable, has appealed only the P3,000,000 punitive damages. The entity was awarded P5,000,000 in an unrelated suit it filed, which was not appealed by the defendant. What amount of pretax gain should be recorded? Flag this Question Question 351 pts Ant-Man sells electrical goods covered by a one-year warranty for any defects of the sales of P70,000,000 for the year, the entity estimated that 3% will have major defect, 5% will have minor defect and 92% will have no defect. The cost of repairs would be P5,000,000 if all the products sold had major defect and P3,000,000 if all had minor defect. What amount should be recognized as a warranty provision
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