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Discuss the proper accounting treatment for raymond

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Reference no: EM131806760

Question - Raymond Carver Corp. is involved in a pending court case. Carver's lawyers believe it is probable that Carver will lose the lawsuit and pay $12,000,000, which is a material amount to Carver.

Required: Briefly discuss the proper accounting treatment for Raymond Carver Corp. Prepare any necessary journal entry. If no journal entry is required write the word "None."

Reference no: EM131806760

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