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Assuming it is not probable that scorcese will be liable

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Reference no: EM131115523

Scorcese Inc. is involved in a lawsuit at December 31, 2010. 

(a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for $900,000 as a result of this suit. 

(b) Prepare the December 31 entry, if any, assuming it is not probable that Scorcese will be liable for any payment as a result of this suit. 

Reference no: EM131115523

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