Estimated loss contingency

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Reference no: EM13158761

Information available prior to the issuance of the financial statements indicates that it is probable that, at the date of the financial statements, a liability has been incurred for obligations related to product warranties. The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be:

a) accrued.

b) disclosed but not accrued.

c) neither accrued nor disclosed.

d) classified as an appropriation of retained earnings.

Reference no: EM13158761

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