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What amount should floppy record as income from the lawsuit

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Reference no: EM132021198

Question - In May 2014 Floppy Co. filed suit against Flimsy, Inc. seeking $1,900,000 damages for patent infringement. A court verdict in November 2019 awarded Floppy $1,500,000 in damages, but Flimsy's appeal is not expected to be decided before year 7. Floppy's counsel believes it is probable that Floppy will be successful against Flimsy for an estimated amount in the range between $800,000 and $1,100,000, with $1,000,000 considered the most likely amount. What amount should Floppy record as income from the lawsuit in the year ended December 31, 2019?

Reference no: EM132021198

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