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The following legal claims exist for a company. Identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statement

The following legal claims exist for a company. Identify the accounting treatment for each claim as either
(a) a liability that is recorded or (b) an item described in notes to its financial statements. The company (defendant) estimates that a pending lawsuit could result in damages of $500,000; it is
reasonably possible that the plaintiff will win the case.

 

Aug 24 2020 View more View Less

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