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Determine which is a contingency that should be accrued

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Reference no: EM132489957

Question 1: Which of the following is a contingency that should be accrued?

Multiple Choice

Option 1: The company deducts life insurance premiums from employees' paychecks.

Option 2: The company offers a two-year warranty and the expenses can be reasonably estimated.

Option 3: The company is being sued and a loss is reasonably possible and reasonably estimable.

Option 4: It is probable that the company will receive $100,000 in settlement of a lawsuit.

Reference no: EM132489957

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