Show dow chemical journal entry made to record settlement

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Dow chemical was sued for infringing Bayer Industries patent. In June of 2019, Dow's lawyers believed it was probably going to lose and would have to pay from $ 4000,000 to $ 7,000,000. They also believed the low end of the range was more-likely-than not , Dow's year end is December 31st. On December 15, 2020, after Dow's 2019 financial statements were issued , the plaintiff accepted a settlement of $ 4,500.00. Dow Chemical paid the liability on the same day

Problem 1: Show Dow Chemical journal entry made to record the settlement.

Reference no: EM132678225

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