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What amount of liability should bell report on balance sheet

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Reference no: EM132718785

Problem 1: Bell Co. is a defendant in a lawsuit that could result in a large payment to the plaintiff. Bell's attorney believes that there is a 90% chance that Bell will lose the suit and estimates that the loss will be anywhere from $5,000,000 to $20,000,000 and possibly as much as $30,000,000. None of the estimates are better than the others. What amount of liability should Bell report on its balance sheet related to the lawsuit?

A. $0

B. $5,000,000

C. $20,000,000

D. $30,000,000

Reference no: EM132718785

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