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What entry should wildhorse record to recognize loss

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Reference no: EM132477303

Question - Wildhorse Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Wildhorse will lose the case and that a reasonable estimate of damages to be paid by Wildhorse is $285,400. In light of this case, Wildhorse is considering establishing a $103,400 self-insurance allowance.

What entry, if any, should Wildhorse record to recognize this loss contingency?

Reference no: EM132477303

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