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How should Rocket accountant handle this situation

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Reference no: EM132937343

Question - Rocket Co. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals from its plant. Rocket's lawyer states that it is probable that Rocket will lose the suit and be found liable for a judgment costing Rocket anywhere from $1,800,000 to $9,000,000. However, the lawyer states that the most probable cost is $5,400,000. How should Rocket's accountant handle this situation? Record any necessary entries.

Reference no: EM132937343

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