Provide a framework using expected cash flows

Reference no: EM131522659

Question: [Contingencies: (I-AC adaptcd1 13onnywill Auto produced 10.000 Fiery models. On December 31, 2002. Company engineers discovered a possible fire hazard for this model. The probability of lire is estimated at 0.00009. if a lire occurs, the company's liability is estimated at 5100.000 per occurrence, plus or minus $30,000. When answering the following questions, chow any calculations

a. Desenex the nips likely treatment of this contingency in Bonny will's 2002 financial statements.

b. SFAC 7 (2000) provides a framework using expected cash flows and present value to measure assets and liabilities. Suggest an alternative treatment using expected values that would portray the liability more accurately.

Reference no: EM131522659

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