Chronicle Ltd produces a range of vitamins and other 'health care' products The end of the reporting period for Chronicle Ltd is 30 June 2024 Since that date, the following events have taken place On 18 August 2024, Chronicle Ltd paid a damages claim of $88 million to a group of consumers that had their health compromised by one of the company's products The consumer claim was originally made in December 2023 On 26 September 2024, a manufacturing plant in Cairns, Queensland was damaged by Cyclone Fibs The damage caused amounted to $57 million of which $5 million was covered by building insurance On 7 October 2024, Chronicle Ltd issued debentures to the value of $32 million to the public to fund the purchase of new equipment damaged by the cyclone Events 1, 2 and 3 are all deemed to be material and the accounts were authorised after 7 October 2024 Required How would each event 1, 2 3 be accounted for in the books of Chronicle Ltd for the year ended 30 June 2024

Question: Chronicle Ltd produces a range of vitamins and other 'health care' products. The end of the reporting period for Chronicle Ltd is 30 June 2024.

Chronicle Ltd produces a range of vitamins and other 'health care' products. The end of the reporting period for Chronicle Ltd is 30 June 2024. Since that date, the following events have taken place:

On 18 August 2024, Chronicle Ltd paid a damages claim of $88 million to a group of consumers that had their health compromised by one of the company's products. The consumer claim was originally made in December 2023.
On 26 September 2024, a manufacturing plant in Cairns, Queensland was damaged by Cyclone Fibs. The damage caused amounted to $57 million of which $5 million was covered by building insurance.
On 7 October 2024, Chronicle Ltd issued debentures to the value of $32 million to the public to fund the purchase of new equipment damaged by the cyclone.

Events 1, 2 and 3 are all deemed to be material and the accounts were authorised after 7 October 2024.

Required:

How would each event 1, 2 & 3 be accounted for in the books of Chronicle Ltd for the year ended 30 June 2024?

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