DAC, Inc. is being sued by WFT Corp.for $5,000,000. At the end of the year,...
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DAC, Inc. is being sued by WFT Corp.for $5,000,000. At the end of the year, DAC feels it is reasonably possible that it will pay $5,000,000 at some point in the following year. What should DAC and WET record at the end of the year concerning the lawsuit? Select one: a. DAC records a $5,000,000 loss; WFT does not record any gain b. DAC records a $5,000,000 loss, WFT records a $5,000,000 gain c. DAC does not record any loss; WFT records a $5,000,000 gain. d. Neither company records a loss or gain
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