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Determine what amount reported as liability from lawsuit

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Problem 1: On February 5, 2020, an employee filed a $1,000,000 lawsuit against Steel Company for damages suffered when one of Steel's plant exploded on December 9, 2019. The legal counsel believed the entity would probably lose the lawsuit and estimated the loss to be $250,000. The employee offered to settle the lawsuit out of court for $450,000 but the entity did not agree to the settlement. On December 31, 2019, what amount should be reported as liability from lawsuit?

Reference no: EM132726082

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