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In February 2020, Alma's Video Game Co. was advised of possible litigation due to faulty products that were sold during 2019. The company's fiscal year-end was December 31, 2019. Alma's attorneys determined it was probable that the company would lose $10 million in an unfavorable outcome. On February 15, 2021, judgement was rendered against the company in the amount of $8 million plus interest, a total of 8.2 million. Alma's Video Game Co. does not plan to appeal the judgement. The financial statements are issued on March 14, 2020. Problem 1: How should Alma's Video Game Co. account for this situation in the financial statements for the year ended December 31, 2019?
Financial Statement Analysis and Preparation
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