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Finthe liability that could arise as a result of the lawsuit

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Reference no: EM132716602

Problem 1: XYZ Company is involved in a lawsuit. The liability that could arise as a result of this lawsuit should be recorded on XYZ's books if the probability of XYZ owing money as a result of the lawsuit is:

A. Remote and the amount is reasonably estimable.

B. Probable and the amount is reasonably estimable.

C. Reasonably possible and the amount is reasonably estimable.

D. Probable and the amount is not reasonably estimable.

Reference no: EM132716602

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