Required b) To increase customer satisfaction and attract additional customers an electronics company is considering offering an extended warranty with all products. The management accountant has provided the following figures: extended warranty, major repair to all goods sold in a period would be 26,000 extended warranty, minor repair to all goods sold in a period would cost 8,000. the probability of goods needing a major repair is 6% the probability of goods needing a minor repair is 12% i) Calculate the predicted cost of this initiative. You are required to show all workings, rounding to two decimal places if required. ii) Identify the warranty in i) above, as a provision, contingent liability, or a contingent asset. Discuss the main differences between a provision and a contingent liability. You are encouraged to provide relevant examples to support your explanation. Written work must be in your own words with in-text citation, a bibliography is not required. Word count: no more than 800 words (20 marks) (Total 50 marks)