Minco jun 14 (b)

Good Morning Sensei!

first thank you for answering my previous questions.

my question is in regard to the annual payment of 50k upon completion of playing in specified tournaments. the payment is to be made at the end of each year.

lets say year end is 31 dec.

the answer says that the obligation will arise once the player has fulfilled his part of the deal.

1. i want to know, what will be the actual dr/cr to book the liability.
2. i wd assume that once the financial liab is confirmed, on that date the entry in #1 will be recorded in the books. correct?

so, if the player completes her tournaments by 31 oct, then on 31 oct minco will record the entry in #1 to book the liability and on 31 dec will book the actual payment. correct?

3. a related question is that wd it be correct to book a provision at the start of the year for 50k?

regards