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How much should the hospital recognize as a loss

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Reference no: EM132730113

Problem 1: The hospital was sued by a patient for $8,960,000 during the year for a malpractice claim. Insurance covers 70 percent of medical malpractice claims. The hospital attorneys expect that the suit will go to trial and estimate that if they lose the case, the judgment will likely be between $1,600,000 and $4,800,000. How much should the hospital recognize as a loss (or expense) for the current year?

Reference no: EM132730113

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