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Green Company is preparing its annual financial statements on December 31, 2021. Because of a...

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Accounting

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Green Company is preparing its annual financial statements on December 31, 2021. Because of a recently proven health hazard in one the products, the Philippine government has clearly indicated its intention of requiring the entity to recall all cans of this product sold in the three months. The entity has 72,500 cans in its custody at a cost of P8 each can. What accounting recognition should be accorded in this situation? O Note disclosure only O No recognition Expense of P580,000 and retained earnings restriction of P580,000. Expense of P580,000 and provision of P580,000

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