Morvelune omitted a required provision of 40,000 at 1 January 2024, increased to 40,000 + 10,000 at the end of 2024 given the information of the time. It presents 2025 and 2024 (tax effect dealt with separately). Record the restatement entries.
- Provision required at 1 January 2024
- 40,000
- Increase required in 2024
- 10,000