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How would this be reported in the financial statements

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Question - Magic House Co. is the defendant in a lawsuit filed in February 2020 due to faulty building practices during January 2020. The company determined that a loss of $6 million was probable and on March 2, 2020, a settlement of $5.5 million was reached. Financial statements for the year ended December 31, 2019 are issued on March 14, 2020. How would this be reported in the 2019 financial statements?

Reference no: EM133124793

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