A foreign subsidiary of a U.S.-based company has been notified of a loss contingency with an estimated cost ranging between $220,000 and $250,000 which is probable of resulting in an actual loss. Each dollar amount within this range of cost is equally likely of being the actual outcome.According to IFRS, what is the amount recognized as a provision for loss contingency?
A. $250,000
B. $220,000
C. No amount will be recorded but an amount will be disclosed in the notes to the financial statements.
D. $110,000
E. $235,000
Answer: E
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