Reference no: EM132988111
Question - In May 2021, Zanes company became involved in litigation. As a result of the litigation, its probable that Zane will have to pay $1,400,000.00.
In July 2021, a competitor commenced a lawsuit against Zane alleging violation of fair practice laws, seeking damages of $2,200,000.00.
Zane denies the allegations and is unwilling to pay damages. In September 2021, Alaska county brought action against Zane for $1,800,000.00 for polluting Lake Alaska.
It's likely that Alaska County will be successful in their lawsuit, but the amount of damages Zane will have to pay isn't reasonably determinable.
What amount, if any, should be reported on the balance sheet as a current liability in 2021?
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