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Calculate the liability best must record

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Question - Best Ltd. has guaranteed a $800,000 loan of Grand Ltd., a customer. There is security valued at $500,000-assets of Grand-registered against the loan. Best estimates that there is a 30% chance that it will be required to step in and pay $300,000 on the loan this coming year.

Required - Calculate the liability Best must record, if any.

Reference no: EM132624022

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