A builder finds that, on account of the negligence of his workmen, he has to replace the bathroom suite in a residence still under construction. The replacement is expected to cost £15,000; but it is anticipated that the damaged suite may fetch around £1000. At what amount should the builder account for his obligation to replace the bathroom suite on his year-end Statement of financial position?

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a £14,000 as a provision b £14,000 as a liability c £15,000 as a liability d £15,000 as a liability and £1,000 as an asset