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What amount should be accrued by a charge to income

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Question - In May 2005, TITANIC Inc became involved in litigation. As a result of this ligation, it is probable that TITANIC will have to pay $1.400.000. In July 1, 2005 a competitor commenced a suit against TITANIC alleging violation of antitrust laws seeking damages of $2.200.000. TITANIC denies the allegations and the likelihood TITANIC paying any damaged is remote. In September 2005, the City of ZZ brought action against TITANIC for $1.800.000 for polluting the city. It is reasonable possible that the city will be successful bit the amount of damages. What amount, if any, should be accrued by a charge to income in 2005?

a. $5.400.000

b. $3.200.000

c. $1.400.000

d. $0

Reference no: EM132601473

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