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What accounting recognition should be accorded

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Question - Wedyan Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case worth $1 million. The attorneys estimated that there is a remote chance of losing. If this is the case, their attorney estimated that the amount of any payment would be between $500,000 to $700,000 on December 31, 2018. What accounting recognition should be accorded in this situation on December 31, 2018?

Reference no: EM132527230

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