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Find how would lawsuit affect the financial statements

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XYZ Co. was presented with a material lawsuit from a customer in the amount of $150,000 as a result of an alleged faulty product. The claim will be going to court in October 2021. XYZ's lawyers believe that a payment is not likely but possible of up to $50,000.

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Problem 1: How would this lawsuit affect the financial statements of XYZ at December 31, 2020 under ASPE? Explain

Reference no: EM132758479

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