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What accounting recognition be accorded this situation

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Problem - Dobbin Corporation, a manufacturer of household paints, is preparing annual financial statements at year end. Because of a recently proven health hazard in one of its paints, the government required Dobbin to recall all cans of this paint sold in the last 6 months. The management of Dobbin estimates that this recall cost $1,000,000. What accounting recognition, if any, should be accorded this situation?

Reference no: EM132880303

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