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How much will ice recognize as a receivable

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Reference no: EM133176009

Question - ICE Company sued another company for copyright infringement on November 30, 2022. The case is yet to be settled as of December 31, 2022. According to ICE's legal counsel, it is probable that ICE will win the case. On February 2, 2023, the court decided in favor of ICE, directing the other company to pay damages amounting to P1,500,000. The financial statements of ICE for the year ended December 31, 2022 were authorized for issue on March 30, 2023.

Required - How much will ICE recognize as a receivable on its December 31, 2022 statement of financial position?

Reference no: EM133176009

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