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Red tag LLC has entered into a contract to supply 100,000 units of uniform garments to customer on sale or return basis at 20 OMR each. The cost of making each uniform is 12 OMR. The term of sales provides two months to customer for the date of sale to return the items and get a full refund. The experience indicates that such customer tends to return back some items and it can be reliably estimated to be around 14% of such sold items are usually returned. Find the refund liability from the above case. OMR 1,720,000 None of them OMR 280,000 OMR 2,000,000 Wagon LLC owns two Machines, Machine 1 and Machine 2. As economic circumstances have deteriorated due to pandemic situation recently, Wagon LLC has carried out an impairment test of its property, plant and equipment. The values calculated during the review are as follows. All values are at 31 October 2020 (in OMR): Book value Market value less disposal costs Value in use Machine 1 1,650 1,500 1,400 Machine 2 2,500 2,300 2,600 Considering IAS 16 and IAS 36, what shall be the machines values that Wagon LLC should use in its balance sheet at 31 October 2020 are Machine 1 - OMR 1,400 and Machine 2- OMR 2,300 Machine 1 - OMR 1,500 and Machine 2- OMR 2,500 Machine 1 - OMR 1,400 and Machine 2- OMR 2,600 Machine 1 - OMR 1,500 and Machine 2- OMR 2.300 . Asian LLC is facing 25 legal claims all related to the same issue, each of which has a 45% likelihood of successful outcome (i.e., no payment to be made by Asian LLC) and a 55% likelihood of unfavorable outcome, with each adverse claim expected to result in an outflow of OMR 100,000. Management has calculated the amount to be recognized as a provision in the annual financial statements. Which of the following is the correct amount? OMR 1,375,000 OMR 1,125,000 OMR 55,000 None of them 1

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