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What is the accounting treatment for ABC company

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Question - ABC company has a pending lawsuit against XYZ firm for copyrights of a patent. It is estimated that ABC probably will win the case with 5 million. What is the accounting treatment for ABC company?

a. Record it as a gain of 5 million.

b. Disclose it as a gain of 5 million.

c. No disclosure nor recording because this is not a contingent liability.

d. Record it as current liability.

Reference no: EM132561009

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