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Flag this Question Question 291 pts Use the information for the next two (2) questions....

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Flag this Question Question 291 pts Use the information for the next two (2) questions. On November 25, 2020, an explosion occurred at a War Machine Company plant causing extensive property damage to area buildings. By March 10, 2021, claims had been asserted against War Machine. The management and counsel concluded that it is possible War Machine will be responsible for damages, and that P3,500,000 would be a reasonable estimate of the liability The entity's P10,000,000 comprehensive public liability policy has a P500,000 deductible clause. The financial statements for 2020 were issued on March 25, 2021. What amount of loss from lawsuit should be reported in the income statement for 2020? Flag this Question Question 301 pts What amount of liability from lawsuit should be reported on December 31, 2020

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