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What is entry to report on given and any other requisites

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Reference no: EM132670119

Question: On Dec. 31, year 3 Mild company was a defendant in a pending lawsuit.

The suit arose from the alleged defect of a product that Mild sold in year 2. In the opinion of Mild's attorney, it is probable that Mild will have to pay 700,000 as a result, and it is reasonably possible that Mild will have to pay 800,000 as a result of this lawsuit. In Mild's year 3 financial statements, what is the entry to report on this and any other requisites?

Reference no: EM132670119

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