An employee filed a $1,000,000 lawsuit on Nov 30, Year 1, for damages suffered when...
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Accounting
An employee filed a $1,000,000 lawsuit on Nov 30, Year 1, for damages suffered when the employee slipped and suffered a serious injury at one of the companys facilities. The companys lawyers believe that the company will not lose the lawsuit, putting the probability of future payments at less than 50%. Should the company recognize a liability for legal claims at Dec 31, Year 1?
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