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Thompson Ltd must pay damages in relation to a drilling project environmental disaster. What would be included in

the journal entry, assuming that the company created a provision for $15 000 two months ago but the actual damages were $16 550?

DR Provision for environmental disaster 16 550DR Loss on environmental disaster 16 550DR Provision for environmental disaster 15 000CR Cash 15 000

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DR Loss on... View the full answer

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