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Describe the appropriate accounting treatment

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Reference no: EM131521504

Question: 1. Suppose the firm's analysis of a contingent liability indicates that an obligation is not probable. What accounting treatment, if any, is warranted?

2. If a contingent liability is probable but estimable only within a range, what amount, if any, should the firm report?

3. Your company is the plaintiff in a lawsuit. Legal counsel advises you that your eventual victory is inevitable. "You will be awarded $2 million," your attorney confidently asserts. Describe the appropriate accounting treatment.

Reference no: EM131521504

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