What are the journal entry for lawsuit

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Reference no: EM132475158

Problem 1: On 10/21/20Y1, Company A faced a lawsuit that was probable of losing and reasonably estimated that it might need to pay 10M. On 11/29/20Y1, Company A lost the lawsuit and it paid 13M a month later. What are the journal entry on 10/21/20Y1, 11/29/20Y1, and 12/29/20Y1?

Reference no: EM132475158

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