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Dow Chemical was sued for infringing Bayer ibdustries... In June of 2019, Dows lawyers believed was probably going to lose and would have to pay from $ 4, 000,000 to 7000,000, They also believed the low end of the range was more likely than not. Dows year end is December 31,. On December 15, 2020, afte Dows 2019, fiancil statements were issued , the plaintiff accepted a settlement of $, 4, 500,000. Dow Chemical paid the liability on the same day.
Problem 1: Show Dow journal entry made to record the settlement
Financial Statement Analysis and Preparation
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