Kasey Ltd’s financial statements are authorised for issue on 24 August 2022.

Required 

Identify whether each of the following would be a liability, a provision or a contingent liability, or none of the above, in the financial statements of Kasey Ltd as at the end of its reporting period of 30 June 2022.

1. An amount of \($42\)  000 owing to Pigz Ltd for services rendered during May 2022.

2. Long service leave, estimated to be \($350\)  000, owing to employees in respect of past services.

3. Costs of \($12\)  000 estimated to be incurred for relocating an employee from Kasey Ltd’s head office location to another city. The staff member will physically relocate during July 2022.

4. Provision of \($40\)  000 for the overhaul of a machine. The overhaul is needed every 5 years and the machine was 5 years old as at 30 June 2022.

5. Damages awarded against Kasey Ltd resulting from a court case decided on 26 June 2022. The judge has announced that the amount of damages will be set at a future date, expected to be in September 2022. Katz Ltd has received advice from its lawyers that the amount of the damages could be anything between \($50\)  000 and \($2\) million.