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What accounting recognition should be accorded the situation

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Marigold Corp., a manufacturer of household paints, is preparing annual financial statements at December 31, 2017. Because of a recently proven health hazard in one of its paints, the government has clearly indicated its intention of having Marigold recall all cans of this paint sold in the last six months. The management of Marigold estimates that this recall would cost $792000. What accounting recognition, if any, should be accorded this situation?

Reference no: EM132323094

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