Brief Exercise 8-12 (Static) Determine the financial statement effects of a contingent liability (LO85) Consultants...
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Brief Exercise 8-12 (Static) Determine the financial statement effects of a contingent liability (LO85) Consultants notify management of Discount Pharmaceuticals that a stroke medication poses a potential health hazard. Counsel indicates that a product recall is probable and is estimated to cost the company $8 million. Required Determine how the estimated cost of the product recall will affect the current financial statements. (Amounts to be deducted should be entered with minus sign. Enter your answer pls do this in the format of R-E=NI and A= L+ SE
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