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In May 2019, West Company filed suit against Brown, Inc. seeking P850,000 damages for patent...

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Accounting

In May 2019, West Company filed suit against Brown, Inc. seeking P850,000 damages for patent infringement. A court verdict in November 2019 awarded West P600,000 in damages, but Browns appeal is not expected to be decided before 2019. Wests counsel believes it is probable but not virtually certain that West will be successful against Brown for an estimated amount in the range between P300,000 and P450,000, with P400,000 considered the most likely amount. How much should be reported in the December 31, 2019 statement of financial position?

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