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What amount should hilltop accrue

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Reference no: EM133120867

Question - Hilltop Corporation is the defendant in a lawsuit that alleges that Hilltop guilty of pollution the local river.  The city is seeking damages of $500,000.  Hilltop's attorney believes that a settlement is imminent and the loss will be between $350,000 and $400,000.

1. What amount should Hilltop accrue assuming that GAAP are applicable?

2. What amount should Hilltop accrue assuming that IFRS are applicable?

Reference no: EM133120867

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